Stable News is Lumx's weekly curation, dedicated to highlighting key movements in stablecoins, digital infrastructure, and global payments.
In this edition, themes span unprecedented IMF warnings, US regulatory advances, the race for national stablecoins, and strategic moves by banks and remittance giants. A clear portrait of how stablecoins shifted from tech topic to the core of monetary policy, geopolitics, and operational efficiency discussions.
Reading time: 05 minutes.
IMF Warns: Stablecoins Could Weaken Central Banks
The International Monetary Fund published a new report analyzing how dollar-pegged stablecoins influence monetary dynamics in emerging markets. The core point avoids outright bans, focusing on long-term effects of growing adoption.
The IMF notes stablecoins simplify access to strong currencies, especially in high-inflation or low-trust economies, potentially shifting economic activity to foreign digital currencies ("monetary substitution") and limiting central banks' policy and liquidity control.
This trend emerges heterogeneously in parts of Africa, the Middle East, and Latin America, driven by stability needs amid local volatility. With 97% of stablecoins dollar-tied, the report urges clear rules to bar them from legal tender status, preserving monetary frameworks.
Why it matters:
✅ Monetary sovereignty debates hit multilateral radars.
✅ Emerging markets eye long-term dollarization risks via stablecoins.
✅ Private actors now shape state-exclusive variables.
CFTC Allows Bitcoin, Ether, and USDC as Futures Margin
In a decisive regulatory move, the CFTC launched a pilot program letting futures brokers accept BTC, ETH, and USDC as margin collateral, previously banned.
The regime covers weekly reporting, operational oversight, stress tests, and governance. Alongside, CFTC issued guidance on tokenized assets like on-chain Treasuries or multi-asset funds, affirming tech doesn't change core rules.
To enable this, it revoked 2020's Staff Advisory 20-34 restricting crypto collateral.
Why it matters:
✅ Digital assets enter US finance core formally.
✅ Tokenized Treasuries gain explicit regulatory backing.
✅ Banks face pressure to integrate crypto or lose ground.
Taiwan Prepares Legislation for National Stablecoin in 2026
Taiwan's government states a Taiwan dollar or US dollar-backed stablecoin could launch in 2026, pending Virtual Assets Service Act approval.
Modeled on MiCA, it starts with regulated issuers, expanding to non-financials, while reviewing AML post-local exchange incidents. Officials also assess seized Bitcoin for strategic reserves, a macroeconomic hedge pitched by some lawmakers.
Why it matters:
✅ National stablecoins fuel global monetary competition.
✅ Taiwan blends pro-market rules with institutional caution.
✅ Bitcoin reserves move from theory to politics.
US Banks Test Stablecoins with Coinbase, Says Armstrong
At DealBook Summit, Brian Armstrong announced major US banks run internal pilots on stablecoins, custody, and trading via Coinbase.
Larry Fink (BlackRock), on the same panel, affirmed Bitcoin's clear use cases and highlighted BlackRock's tokenized products, including its top on-chain Treasuries fund over $2.3 billion.
Regulatory tension rises: bank groups lobby Congress to curb GENIUS Act, especially yield-bearing stablecoins from firms like Coinbase; ICBA urged OCC to deny Coinbase a bank charter.
Why it matters:
✅ Banks shift from external rivalry to direct stablecoin tests.
✅ Incumbents vs. issuers clash across market, policy, regulation.
✅ Tokenized Treasuries solidify as institutional liquidity infra.
Western Union Plans "Stable Card" for High-Inflation Countries, Eyes Stablecoin Issuance
Western Union revealed an aggressive digital push:
Stable card launch for extreme-inflation spots like Argentina.
Own stablecoin issuance plans.
Digital Asset Network for global settlement.
Solana integration via Anchorage Digital Bank's USDPT.
WUUSD trademark for wallet, trading, payments.
In some regions, remittances lose up to 50% monthly to inflation, positioning stablecoins for economic preservation.
Why it matters:
✅ Top global remittance player makes stablecoins core.
✅ Solana cements industrial settlement role.
✅ Real uses, inflation shield, remittances, drive adoption.
This week's backdrop confirms stablecoins evolved beyond isolated fintech into shapers of monetary policy, institutional infra, and global corporate strategy.
The fight isn't "crypto vs. banks" anymore, but among players delivering worldwide liquidity, speed, and security—now defining state-issuer-regulator-market ties.
Stablecoins emerge as an invisible yet vital layer in this building financial frontier.
See you next edition.
Why is the IMF warning that stablecoins could weaken central banks?
The IMF published a report analyzing how dollar-pegged stablecoins influence monetary dynamics in emerging markets. Stablecoins simplify access to strong currencies, especially in high-inflation economies, potentially shifting economic activity to foreign digital currencies — a process called 'monetary substitution' — which can limit central banks' ability to control monetary policy and liquidity.
What is monetary substitution and how do stablecoins accelerate it?
Monetary substitution occurs when citizens and businesses in a country increasingly use a foreign currency instead of the local one. Stablecoins accelerate this by making dollar access frictionless — anyone with a smartphone can hold and transact in digital dollars without needing a bank account or foreign exchange service. With 97% of stablecoins tied to the U.S. dollar, emerging markets face growing dollarization risks.
How are countries racing to launch their own national stablecoins?
Countries are exploring national stablecoins as a response to the dominance of dollar-denominated tokens. By issuing stablecoins in local currencies, governments aim to preserve monetary sovereignty while capturing the efficiency benefits of blockchain-based payments. This race is driven by the recognition that without local alternatives, citizens will increasingly adopt foreign digital currencies by default.
How are remittance companies using stablecoins to improve cross-border transfers?
Remittance giants are integrating stablecoins into their payment rails to reduce costs and settlement times for cross-border transfers. By using stablecoins as an intermediate settlement layer, these companies can bypass traditional correspondent banking networks, offering faster and cheaper transfers — particularly valuable in corridors between emerging markets where banking infrastructure is limited.
