Stablecoins as “Synthetic CBDCs” Regulatory Divergence and Macro-Financial Spillovers

In this paper, we discuss:

• The rapid rise of stablecoins as core components of global payments and liquidity systems;
• Diverging regulatory approaches across jurisdictions, creating incentives for regulatory arbitrage;
• The risk of stablecoins evolving into a eurodollar-like offshore liquidity system;
• Key macro-financial implications, including impacts on monetary policy, sovereign debt markets, and financial stability;
• The critical policy debate over central bank access and the emergence of “synthetic CBDCs.”

Download PDF: Stablecoins – April 2026