IMF Managing Director Georgieva said at the Jackson Hole annual meeting that stablecoins and tokenization could improve global financial liquidity and make large cross-border payments cheaper and faster. She said the technology offers practical efficiency gains, particularly for international transfers. Georgieva also warned that stablecoins could intensify currency substitution, capital flow pressures, and exchange-rate volatility, while weakening capital controls and monetary sovereignty in emerging markets. She added that dollar stablecoins could strengthen the global network effects of the U.S. dollar and slightly reduce U.S. financing costs, but would not replace fiscal discipline. The remarks highlighted diverging institutional approaches at this year’s Jackson Hole meeting. The BIS was described as favoring tokenized deposits over stablecoins, the ECB as leaning toward putting central bank money on-chain, and the IMF as recognizing stablecoin payment efficiency while focusing its main policy concerns on emerging-market currency substitution and capital flows.