BlackRock, the world's largest asset manager, released its 2026 global outlook report and warned that the spread of stablecoins could have a structural impact on emerging-market economies.

The report cited stablecoins as one of the major megaforces within broad macro trends such as artificial intelligence, the low-carbon transition and the future of finance. It stressed that stablecoins are no longer a "niche market."

BlackRock said, "Stablecoins are serving as a key link connecting traditional finance (TradFi) and digital liquidity." It said they are being integrated into payment, settlement and custody systems by replacing existing financial infrastructure or running in parallel with it.

It said the ripple effects could be large, especially in emerging markets. It said increased use of stablecoins could weaken demand for local currencies and, as a result, reduce governments' ability to control their economies through their currencies. The report said this becomes more pronounced when stablecoins become a more convenient and trusted means of payment and store of value than fiat currencies.

BlackRock said that amid high sovereign debt and geopolitical fragmentation, investors are likely to seek "alternative stores of value," and assets such as bitcoin could gain indirect attention. It said this reflects a restructuring of the financial system as a structural shift within macro trends rather than an investment strategy.