BlackRock's Latest Warning: Stablecoins Are Reshaping the Global Financial Landscape

【BlockBeats】BlackRock recently released the “2026 Global Market Outlook” which contains a significant viewpoint — stablecoins are gradually challenging governments’ control over fiat currencies.

This is not alarmist. The situation is most evident in emerging market countries. As the adoption rate of stablecoins continues to soar, there is a clear risk of a shrinking use of local fiat currencies. Standard Chartered Bank issued a similar warning in October last year, stating that the proliferation of stablecoins could lead to the loss of over $1 trillion in bank deposits in emerging markets. One trillion dollars, this figure alone illustrates how serious the issue is.

But the challenge is not limited to emerging markets. The US banking industry is also feeling the pressure. The “Genius Act,” which took effect in July this year, marks a turning point — this milestone stablecoin legislation allows crypto companies to offer yield-like products that traditional banks are prohibited from providing, which is a clear impact on traditional financial institutions.

Samara Cohen, Head of Global Market Development at BlackRock, made an interesting statement: “Stablecoins are no longer niche products; they are becoming a bridge between traditional finance and digital liquidity.” This is not just market observation but more like an announcement of a new era — the financial landscape is quietly being rewritten.