The new IMF Working Paper might as well be titled: "Stablecoins: The Trojan Horse Cementing US Dollar Dominance Globally...even in China" TLDR: $54b of USD net stablecoin outflows from North America in '24. $19b of net inflows into Chinese self-custodial wallets (~4.4% of current account surplus). Stablecoin flows globally tied to local macro conditions. Africa + ME and LATAM stablecoin flows at 6.7% and 7.7% of GDP Some excerpts on the above: $19b US$ flows into China, ~4.4% Current Account: "In terms of net flows, we estimate bilateral net inflows of $18.58bn into Chinese self-custodial wallets" ..."As a percentage of the current account surplus, we estimate the net inflows of stablecoins into China to amount to 4.4%" $54bn of USD Outflows from North America: "Calculating bilateral net flows highlights North America as the primary source of stablecoin outflows into all other regions of the world, which we estimate to amount to $54bn in 2024" Flows Correlated w/ Local Economic Conditions: "A stronger U.S. dollar (higher Broad Dollar Index) is associated with a significant increase in outflows of stablecoins from North America into other regions" Africa + ME and LATAM + Caribbean Stable Usage: "relative to GDP, Africa and the Middle East, and Latin America and the Caribbean stand out, with stablecoin usage reaching 6.7% and 7.7% of GDP" H/t: @marco_reuter for the paper which leveraged a range of different forms of geo-tagging (tx timing, ENS domains, regional references, CEX interactions, etc) to conduct the analysis. Great read and would recommend