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2025 MONETARY AND CAPITAL MARKETS DEPARTMENT Understanding Stablecoins Prepared by Tobias Adrian, Parma Bains, Marianne Bechara, Eugenio Cerutti, Stephanie Forte, Federico Grinberg, Alessandro Gullo, Martina Hengge, Agnija Jekabsone, Kathleen Kao, Tommaso Mancini Griffoli, Soledad Martinez Peria, Marcello Miccoli, Marco Reuter, and Nobuyasu Sugimoto MONETARY AND CAPITAL MARKETS DEPARTMENT DEPARTMENTAL PAPER Understanding Stablecoins Prepared by Tobias Adrian, Parma Bains, Marianne Bechara, Eugenio Cerutti, Stephanie Forte, Federico Grinberg, Alessandro Gullo, Martina Hengge, Agnija Jekabsone, Kathleen Kao, Tommaso Mancini Griffoli, Soledad Martinez Peria, Marcello Miccoli, Marco Reuter, and Nobuyasu Sugimoto Copyright ©2025 International Monetary Fund Cataloging-in-Publication Data IMF Library Names: Adrian, Tobias, 1971-, author. | Bains, Parma, author. | Bechara, Marianne, author. | Cerutti, Eugenio, author. | Forte, Stephanie, author. | Grinberg, Federico, author. | Gullo, Alessandro, author. | Hengge, Martina, author. | Jekabsone, Agnija, author. | Kao, Kathleen, author. | Mancini-Griffoli, Tommaso, author. | Martinez Peria, Maria Soledad, author. | Miccoli, Marcello, author. | Reuter, Marco, author. | Sugimoto, Nobuyasu, author. | International Monetary Fund, publisher. Title: Understanding stablecoins / Prepared by Tobias Adrian, Parma Bains, Marianne Bechara, Eugenio Cerutti, Stephanie Forte, Federico Grinberg, Alessandro Gullo, Martina Hengge, Agnija Jekabsone, Kathleen Kao, Tommaso Mancini Griffoli, Soledad Martinez Peria, Marcello Miccoli, Marco Reuter, and Nobuyasu Sugimoto. Other titles: International Monetary Fund. Monetary and Capital Markets Department. Description: Washington, DC: International Monetary Fund, 2025. | Includes bibliographical references. Identifiers: ISBN: 9798229024075 (paper) 9798229027014 (ePub) 9798229026994 (WebPDF) Subjects: LCSH: Digital currency. | Fintech. | Financial services industry—Technological innovations. Classification: HG1710.A37 2025 Acknowledgements Marcello Miccoli and Nobuyasu Sugimoto led the work. With contributions from Mher Barseghyan, Kenya Kitano, Dragana Ostojic, Pawel Pisany, Dmytro Solohub, Andrew Usher, Wilson Yim, and Nicolas Zhang. Mahmoud Abouelmakarem, Kika Alex-Okoh, Federica Giordano, and Claudia Diaz Saldias provided excellent research assistance. The Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-country interest. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. Publication orders may be placed online or through the mail: International Monetary Fund, Publication Services P.O. Box 92780, Washington, DC 20090, USA T. +(1) 202.623.7430publications@IMF.orgIMFbookstore.org elibrary.IMF.org 1 IMF DEPARTMENTAL PAPERS □ Understanding Stablecoins Contents Executive Summary .................................................