The total market value of stablecoins has reached a historic high of 322 billion US dollars, surpassing 95% of foreign exchange reserves BlockBeats News: On May 26th, according to Coindesk statistics, the total market value of stablecoins worldwide exceeded $322 billion, setting a new historical high. This scale has surpassed the official foreign exchange reserves of emerging economies such as Poland, Thailand, and Mexico, as well as developed economies such as the United Kingdom, Canada, and the United Arab Emirates. At present, only 14 economies in the world, including China, Japan, Russia, India, Taiwan, China and Germany, hold foreign exchange reserves larger than the total market value of stable currencies. Stablecoins have become the core valuation and settlement medium for cryptocurrency trading, allowing users to avoid cryptocurrency volatility risks without frequent fiat currency exchanges. In decentralized finance (DeFi) protocols, stablecoins undertake the underlying settlement function; In the field of cross-border payments, it provides an alternative solution for cross-border remittance scenarios where traditional banking channels have insufficient coverage or high costs, thanks to its advantages of low cost and high efficiency. A recent report by the Bank for International Settlements (BIS) pointed out that since 2022, the cross-border flow of stablecoins has significantly increased, particularly in regions with high inflation and severe exchange rate fluctuations. However, the improvement of capital flow efficiency is also accompanied by potential risks. Stablecoins trading may exacerbate capital outflow pressures, making emerging markets already facing current account deficits more vulnerable to currency depreciation shocks. BIS research further indicates that the increase in the size of stablecoin flows is significantly correlated with subsequent currency depreciation, deviation from coverage rate parity, and widening of the implied exchange rate and official exchange rate spread of stablecoins in segmented markets. This phenomenon suggests that stablecoins may provide a technical channel for avoiding capital controls, allowing residents of emerging markets and developing economies (EMDE) to convert their savings into US dollar denominated assets with low friction, thereby posing a challenge to the effectiveness of sovereign monetary policy.