国际货币基金组织：2025解密加密货币：国际稳定币流动估算方法研究报告（英文版）（55页）.pdf

1、IMF Working Papers describe research in progress by the author(s)and are published to elicit comments and to encourage debate.The views expressed in IMF Working Papers are those of the author(s)and do not necessarily represent the views of the IMF,its Executive Board,or IMF management.2025 JUL Decry

2、pting Crypto:How to Estimate International Stablecoin Flows Marco Reuter WP/25/WP/25/141 *I thank Cage Englander for excellent research assistance.I am grateful to Itai Agur,Alexander Copestake,Alessia De Stefani,Andrs Fernndez,and Maria Soledad Martinez Peria for comments;to Gordon Liao,and Ulf Lew

3、rick for excellent discussions;andto audiences at seminars at the IMF,the IMFs 7th An-nual Macro-Financial Conference,and the SNB-CIF Conferenceon Cryptoassets and Financial Innovation.2025 International Monetary Fund WP/25/141IMF Working Paper Research Department Decrypting Crypto:How to Estimate I

4、nternational Stablecoin Flows Prepared by Marco Reuter*Authorized for distribution by Maria Soledad Martinez Peria June 2025 IMF Working Papers describe research in progress by the author(s)and are published to elicit comments and to encourage debate.The views expressed in IMF Working Papers are tho

5、se of the author(s)and do not necessarily represent the views of the IMF,its Executive Board,or IMF management.ABSTRACT:This paper presents a novel methodologyleveraging a combination of AI and machine learning to estimate the geographic distribution of international stablecoin flows,overcoming the“

6、anonymity”of crypto assets.Analyzing 2024 stablecoin transactions totaling$2 trillion,our findings show:(i)stablecoin flows are highest in North America($633bn)and in Asia and Pacific($519bn).(ii)Relative to GDP,they are most significant in Latin America and the Caribbean(7.7%),and in Africa and the