Dollar Stablecoin Inflows Show No Detectable Drop After Capital Controls End

Estimated cross-border inflows of dollar stablecoins rose when governments introduced capital controls and showed no detectable decline after the restrictions ended, suggesting token use can persist beyond a policy change. International Monetary Fund economist Marco Reuter examined Tether (USDT) and USD Coin (USDC) transfers across 188 countries from 2018 through 2025. The transactions totaled an estimated $21.4 trillion in gross flows. His working paper was published Oct. 2, followed by a discussion of the findings Oct. 31.