How stablecoins threaten to drain $1tn from banks in emerging markets

Stablecoins could trigger the largest capital flight from emerging markets banks in history. That’s according to UK bank Standard Chartered, which forecasts that as much as $1 trillion could move into dollar-pegged digital currencies over the next three years as savers in fragile economies seek deposit stability. “Stablecoins give consumers and corporates in emerging markets new access to what is effectively a USD-based bank account,” said Geoffrey Kendrick, head of digital assets research at Standard Ch ...