According to CoinMeta, Dan Katz, the First Vice President of the International Monetary Fund (IMF), stated in a speech at the University of Cape Town on August 7th that local stablecoins could accelerate the adoption of the US dollar. He pointed out that local stablecoins aimed at enhancing the role of national currencies might inadvertently make it easier for users to switch to the digital dollar. Katz mentioned that local currencies and US dollar-stabilized coins operate on the same blockchain infrastructure, which can simplify foreign exchange conversions. Users can exchange them through decentralized exchanges, liquidity pools, or peer-to-peer transactions, without having to rely entirely on banks and traditional currency traders. Assessments from various sources show that the stablecoin market is still closely linked to the US dollar, with nearly 99% of stablecoins denominated in US dollars. The example of South Africa indicates that, despite the limited appeal of US dollar-stabilized coins in that country, the demand for rand-denominated stablecoins is even lower. Katz warned that it is not yet possible to draw clear conclusions as to whether this pattern will continue in the future.