On January 2nd, BlackRock, in its "Global Markets Outlook 2026," pointed out that stablecoins will challenge governments' control over fiat currencies. With the surge in stablecoin adoption, the scale of fiat currency use in emerging market countries risks shrinking. This prediction came shortly after Standard Chartered Bank warned in October that the widespread adoption of stablecoins could lead to a loss of over $1 trillion in deposits from emerging market bank accounts.
Similar challenges exist within the US banking industry. The landmark stablecoin Genius Act, signed into law in July of this year, allows crypto companies to offer yield-like products prohibited by traditional banks, posing a threat to traditional financial institutions. Samara Cohen, Global Head of Markets Development at BlackRock, stated, "Stablecoins are no longer niche products; they are becoming a bridge between traditional finance and digital liquidity."
