This report does not constitute a rating action.
DUBAI (S&P Global Ratings) Jan. 20, 2026–A simulation of foreign currency stablecoin adoption across a sample of 45 emerging markets (EMs) suggests the total value of stablecoins held in the countries could range from $250 billion to $730 billion, up from about $70 billion today, S&P Global Ratings said in a report published today.
The report, “What Growing Adoption Of Foreign Currency Stablecoin Means For Emerging Markets,” notes that adoption across the surveyed countries (including from Europe, Africa, South America, and Asia) will be driven by, in order of importance, wealth protection, remittances and international trade, and general enthusiasm for digital assets.
The report details how, even at the high-end of the simulation, adoption is unlikely to be significant enough to have a material impact on EM banks’ role in intermediation or the effectiveness of monetary policy.
Should EM stablecoin adoption exceed the high-end of our simulated range banking system funding costs could increase and EM monetary policy transmission mechanisms could weaken–providing strong incentives for local regulators to implement policies to limit growth.
See Also:
USDC Stablecoin Stability Assessment Remains At 2 (Strong) | Disruption Banking
Tether (USDT) Stablecoin Stability Assessment At 5 (Weak) | Disruption Banking
