International Monetary Fund just dropped a concerning assessment about stablecoins. Their latest analysis suggests these digital assets could speed up currency substitution in certain economies, potentially eroding the grip central banks have on monetary policy. The worry? When people can easily swap local currency for dollar-backed stablecoins, it bypasses traditional banking channels entirely. This isn't just theoretical anymore—we're seeing real adoption patterns that have regulators nervous. Central banks spent decades building their control frameworks, and now they're watching decentralized alternatives chip away at that authority.