The South African Reserve Bank (SARB) has identified cryptocurrency assets and stablecoins as emerging threats to financial stability within the nation. Their recent Financial Stability Report highlights concerns about the use of cryptocurrencies to circumvent exchange controls, potentially disrupting capital flow management. The report specifically notes the increasing prevalence of stablecoins, citing a surge in transaction volume since 2022. Stablecoins are becoming a preferred trading medium due to their lower price volatility compared to cryptocurrencies like Bitcoin. As of July, South Africa's top three crypto exchanges boast a combined user base of 7.8 million, with approximately $1.5 billion in assets held in custody, signaling significant adoption and raising concerns for regulators. The SARB is likely to increase regulatory scrutiny on the cryptocurrency sector in the near future. ```