IMF Managing Director Kristalina Georgieva said at the Jackson Hole Economic Policy Symposium on Aug. 28 that stablecoins and tokenization could make international payments faster and potentially cheaper, while also transmitting financial risks more quickly and increasing the cost of policy mistakes. USDT and USDC transfers between blockchain wallets can settle in seconds or minutes around the clock, but the IMF has not established that stablecoins are universally cheaper than bank transfers because exchange fees, network charges, conversion spreads and on- and off-ramp costs can materially affect the final price. Georgieva warned that dollar-backed stablecoins could accelerate currency substitution and capital outflows in emerging and developing economies, weaken bank intermediation and monetary-policy transmission, make capital controls more porous, increase capital-flow and exchange-rate volatility, facilitate tax evasion and reduce bank funding if deposits shift into stablecoins. She said dollar-backed stablecoins could tap an estimated $15 trillion in offshore dollar holdings, potentially increasing demand for U.S. Treasuries and modestly reducing U.S. funding costs, but stressed that this would not replace sound macroeconomic policy or fiscal discipline. She urged strict, internationally harmonized reserve rules guaranteeing redemption at par under all conditions, stronger oversight of stablecoin intermediaries, closed anti-money-laundering gaps and safeguards for vulnerable economies.