[IMF President: Stablecoins May Reduce Cross-Border Payment Costs but Could Impact Emerging Market Monetary Sovereignty] International Monetary Fund (IMF) President Georgieva stated at the Jackson Hole Symposium that stablecoins and tokenization could enhance global financial liquidity, making large-scale cross-border payments cheaper and faster. However, stablecoins could also exacerbate currency substitution, capital flows, and exchange rate volatility, while weakening capital controls and monetary sovereignty. U.S. dollar stablecoins may expand the global network effect of the dollar and marginally reduce U.S. financing costs but cannot replace fiscal discipline. This year's Jackson Hole Global Central Bank Symposium has revealed three distinct institutional policy approaches: the BIS leans more toward 'marginalizing stablecoins and centering tokenized deposits'; the ECB leans more toward 'central bank currency on-chain'; while the IMF acknowledges the practical efficiency of stablecoins in cross-border payments but focuses on the risks of currency substitution and capital flows in emerging markets. This carries more policy implications than simply 'supporting or opposing stablecoins.'