The @IMFNews new Working Paper 2026/044 looks at what stablecoin growth is actually doing to financial markets. Key findings: • More stablecoins = modest downward pressure on short-term US yields • Crypto markets benefit as liquidity improves • Payment stocks react positively • Bank stocks aren’t pricing in deposit disintermediation risk — yet As Fabian Dori, CIO at Sygnum, points out: stablecoin issuers now hold more US Treasuries than Saudi Arabia. That risk may not be priced in today, but the IMF paper offers early evidence of how yield suppression and FX transmission could play out as stablecoin market cap grows further. 👉 lnkd.in/eeVCyFiV #Stablecoins #DigitalAssets #IMF Disclaimer: bit.ly/4edJA1v