About this work
Quiet capital flow data can coexist with mounting pressure for dollars. Where financial intermediation is fragmented, adjustment may appear in prices and liquidity buffers instead. Stablecoins add channels through which that pressure can be absorbed without replacing capital flows themselves. Diagnosing emerging market stress therefore requires examining payment infrastructure alongside conventional balance of payments measures.
Cite this work
Marcello Estevão, Jonathan Fortun (2026). IIF Global Macro Views: Stablecoins Beyond the Balance of Payments — Reading Dollar Stress When Flows Go Quiet. Institute of International Finance.