IMF economist Marco Reuter's new research indicates that dollar stablecoin activity can remain elevated even after capital controls are lifted. Historical estimates show that following tighter restrictions on capital outflows, cross-border stablecoin activity rises roughly 30% within six months and remains high through the twelfth month. The data suggests that lifting controls alone may be insufficient to return stablecoin use to its earlier level. In a separate analysis of currency crises, estimated stablecoin holdings rose about $7.9 billion above the comparison-country trajectory over the first year for crisis countries.