2026-07-22-Dolaryzacja a stabilne waluty cyfrowe

2026-07-22 \ Bank Rozrachunków Międzynarodowych \ BIS Working Papers – Dollarisation and monetary control: what lessons for the rise of stablecoins? (przejdź do treści źródłowej)

The findings show that deposit dollarisation and recent stablecoin flows are both associated with similar macro-financial drivers, including the strength of exchange rate pass-through and sovereign or banking crises. Both forms of dollarisation appear persistent, meaning that they will be hard to reverse once established, and there is little evidence of substitution between the two instruments for dollar exposure. Stablecoin flows seem largely unaffected by foreign exchange or capital flow restrictions, in contrast to deposit dollarisation. The historical record indicates that moderate deposit dollarisation has been associated with somewhat higher inflation risks, although there is little evidence of significant impacts on monetary policy transmissio

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