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![TheOneandOmsy Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::337327458.png) Omar [@TheOneandOmsy](/creator/twitter/TheOneandOmsy) on x 6011 followers
Created: 2025-07-13 20:21:42 UTC

The new IMF Working Paper should just be titled: "Stablecoins: The Trojan Horse Cementing US Dollar Dominance Globally...even in China"  

TLDR: $54b of USD net stablecoin outflows from North America into the rest of the world in '24. $19b of net inflows into Chinese self-custodial wallets (~4.4% of current account surplus). Stablecoin flows globally tied to local inflation + currency weakness. Africa + ME and LATAM stablecoin flows at XXX% and XXX% of GDP  

Some excerpts on the above: 

$19b US$ flows into China, ~4.4% Current Account: "In terms of net flows, we estimate bilateral net inflows of $18.58bn into Chinese self-custodial wallets" ..."As a percentage of the current account surplus, we estimate the net inflows of stablecoins into China to amount to 4.4%"  

$54bn of USD Outflows from North America: "Calculating bilateral net flows highlights North America as the primary source of stablecoin outflows into all other regions of the world, which we estimate to amount to $54bn in 2024"  

Flows Correlated w/ Local Economic Conditions:
"A stronger U.S. dollar (higher Broad Dollar Index) is associated with a significant increase in outflows of stablecoins from North America into other regions" 

Africa + ME and LATAM + Caribbean Stable Usage: "relative to GDP, Africa and the Middle East, and Latin America and the Caribbean stand out, with stablecoin usage reaching XXX% and XXX% of GDP"   

H/t: @marco_reuter for the paper which leveraged a range of different forms of geo-tagging (tx timing, ENS domains, regional references, CEX interactions, etc) to conduct the analysis. Great read and would recommend

![](https://pbs.twimg.com/media/Gvw5IvUXcAANm95.png)

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**Related Topics**
[currency](/topic/currency)
[inflation](/topic/inflation)
[government spending](/topic/government-spending)
[coins wallets](/topic/coins-wallets)
[$19b](/topic/$19b)
[united states](/topic/united-states)
[coins stablecoin](/topic/coins-stablecoin)
[$54b](/topic/$54b)

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