BIS and ECB warn stablecoins accelerate deposit and currency flight

• —BIS studied 130 economies: stablecoin flows rise during currency and banking stress
• —In Argentina, 94% of crypto purchases made with pesos were stablecoins
• —Turkey saw roughly $38 billion in lira converted into stablecoins over a year
• —MiCA requires at least 30% of reserves held in banks, up to 60% for major tokens