1 Introduction 1

2 Background 6

3 Data and Measurement 9

  3.1 Data 9

  3.2 From Blockchain Data to a Country-level Panel 9

  3.3 Validation of the Labels and the Model 12

  3.4 Covered Transfers and Holdings 15

  3.5 External Checks 16

4 International Stablecoin Flows 19

  4.1 Scale, Growth, and Composition 20

  4.2 Geography and Corridors 20

  4.3 Stablecoin Holdings 21

5 Economic Drivers of Stablecoin Flows 23

  5.1 Known Drivers: Push and Pull Factors and Remittances 24

  5.2 Stablecoins and Capital Flow Management Measures 26

  5.3 Stablecoins and Currency Crises 34

6 Conclusion 43