According to CoinMeta, a new study by the Bank of Korea has found that dollar-backed stablecoins may suppress local currencies. When exchanges allow people to directly buy USDT or USDC with local currency, market makers will sell those currencies and buy dollars to balance their books. This quiet flow directly links the demand for stablecoins to a country's exchange rate. In Brazil, a surge in interest in Bitcoin searches was associated with a 0.118% depreciation of the real, with specific data coming from CoinDesk.