According to CoinMeta, Dan Katz indicates that the local currency stablecoins established to counter dollarization are having the opposite effect, actually accelerating dollarization. He pointed out that these stablecoins allow users to exchange for dollars on the blockchain, thereby bypassing banks' capital controls. Taking South Africa as an example, he noted that the demand for stablecoins pegged to the South African rand is even lower than the already limited adoption rate of dollar stablecoins in that country. According to data from the Bank for International Settlements (BIS) cited by Katz, the volume of stablecoin transactions reached 30 trillion dollars in 2025, but only 390 billion dollars were used for actual payments.