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Gita Gopinath, first deputy managing director at IMF, observes that stablecoins are primarily held in their most anonymous form. This trend runs counter to longstanding policy preferences for increased transparency in financial transactions as a measure to combat illicit finance. Gopinath also contrasts this with traditional money, stating that about 7% of U.S. dollar cash and bank deposits are held anonymously.
Gopinath has previously highlighted fundamental disagreements between G7 economists and IMF reports regarding global financial imbalances. She has also noted that forced dollar devaluation did not resolve currency imbalances following the Plaza Accord. These earlier observations come amid her recent comments on the transparency of stablecoin holdings.