Dollar-backed stablecoins have returned to the center of discussions among international regulators following a new study by the Bank for International Settlements (BIS). The institution concluded that these digital assets can circumvent capital controls adopted by various countries, reducing the effectiveness of traditional mechanisms used to monitor the inflow and outflow of financial resources.
The survey, released on Tuesday, analyzed the circulation of stablecoins in more than 130 economies. According to the study, these assets appear to "largely be unaffected by broad or specific restrictions on capital flows," since a significant portion of their operations takes place beyond the reach of conventional regulatory systems.
In the researchers' assessment, this behavior represents a challenge for governments that use foreign exchange restrictions and capital controls as instruments to manage financial stability and reduce pressure on their national currencies.
The report highlights that these mechanisms, normally applied to bank deposits in foreign currency, are less efficient when confronted with the growth of stablecoins. As a result, investors and companies can access dollar liquidity in a manner different from that envisioned by traditional rules.
The BIS also observed that this phenomenon has become more evident in emerging markets and developing economies. In these countries, demand for dollar-linked assets has gained strength amid the search for alternatives to preserve value and expand access to the U.S. currency through cryptocurrencies.
For the institution, this movement could accelerate processes of financial dollarization. The report notes that public policymakers may need to review their strategies in light of this new environment, stating that "dollarization is difficult to reverse once established."
The conclusions follow the line recently adopted by the BIS in relation to stablecoins. In the annual report published in June 2026, the institution reinforced its position that these assets still do not have characteristics equivalent to money issued by central banks.
According to the document, stablecoins still do not fully meet the requirements considered essential for an efficient monetary system. Among them are singleness, elasticity, interoperability, and integrity, attributes that the BIS considers fundamental to ensuring the proper functioning of the global financial infrastructure.
The new study broadens the debate over the role of stablecoins in USD in the international financial system, especially as their adoption grows in different regions and begins to challenge regulatory models built for traditional financial flows.