A recent groundbreaking research report points out that the rise of stablecoins is shaking governments' control over fiat currencies. Once the usage of stablecoins skyrockets, local currencies in emerging markets could face significant outflows.

This prediction is not baseless. A major UK international bank sounded the alarm in October: the proliferation of stablecoins could lead to the loss of over $1 trillion in deposits from emerging market banking systems. The US banking industry is also on edge. The critical stablecoin legislation that took effect in July explicitly authorizes crypto companies to launch yield-bearing products that traditional banks are prohibited from offering, posing a real threat to Wall Street.

A market development executive at a financial giant summarized it plainly: "Stablecoins are no longer fringe products; they are becoming a key link between traditional finance and the digital world." The financial order is quietly being reshaped.