The paper presents a novel methodology – leveraging a combination of AI and machine learning to estimate the geographic distribution of international stablecoin flows, overcoming the “anonymity” of cryptoassets.

Analyzing 2024 stablecoin transactions totaling $2 trillion, the IMF's 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 Middle East (6.7%).

(iii) North America exhibits net outflows of stablecoins, with evidence suggesting these flows meet global dollar demand, increasing during periods of dollar appreciation against other currencies.

Further, the IMF shows that the 2023 banking crisis significantly impeded stablecoin flows originating from North America; and finally, the IMF offers a comprehensive comparison of its data to the Chainalysis dataset.

The Fintech Note examines the private law aspects of token-based CBDC primarily intended for retail use.

The report outlines the current state and future objectives for regulating cryptoassets in the Republic of Kenya.

The report, which was prepared at the request of Kenya's Capital Markets Authority, involved an analysis of cryptoasset activities and the related regulatory framework. It emphasizes the need for "a clear legislative framework with specific definitions and classifications of cryptoassets, effective inter-agency cooperation, and continuous market monitoring." The report also highlights the "importance of consumer protection through increased financial literacy and regulatory clarity."