Forward Guidance Emerging Markets, Stablecoins & Why You Should Look Beyond the U.S. | Amy Oldenburg
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Oct 1, 2025 Amy Oldenburg, Head of Emerging Markets Equity at Morgan Stanley, shares her fascinating transition from tech to finance. She explores how emerging markets are adopting crypto, highlighting mobile-first nations as ripe for stablecoin growth. Amy discusses the challenges banks face with this shift and how governments respond to the rise of dollar-denominated stablecoins in high-inflation regions. She also identifies promising trends and opportunities in innovation across China and other emerging economies.
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From Early Web To EM FX
- Amy began her career in tech building early web sites and then moved into emerging markets trading FX.
- That background explains why she sees strong overlap between EM market dynamics and crypto markets.
Mobile-First Drives Crypto Adoption
- Emerging markets leapfrogged fixed-line telecom and became mobile-first, making smartphones central to finance and social life.
- That mobile-native environment accelerated crypto adoption and payment innovation in many EM countries.
Stablecoins Boost Global Dollar Demand
- Stablecoins are a very new, fast-growing phenomenon with most transaction volume occurring outside the U.S.
- Their rise increases foreign demand for U.S. dollars and could quickly scale U.S. Treasury holdings via tokenized dollar balances.