The International Monetary Fund (IMF) is increasingly concerned about the risks associated with crypto-assets and stablecoins as they become more integrated into the global financial system. A new IMF study highlights that non-bank financial entities, such as investment funds and insurers, are deepening their exposure to these digital assets, creating potential channels for contagion. The report warns that shocks in the crypto market could rapidly propagate through these institutions, potentially impacting the broader banking sector and economic stability, particularly in advanced economies. The IMF calls for strengthened regulation and oversight to ensure that innovation does not compromise global financial stability.