The scale of usage and domestic and international impact of crypto-assets varies across jurisdictions, but there has indisputably been a rapid growth in adoption. As this trend continues, even amid high volatility, various international financial governing bodies have highlighted the emerging risk to global financial stability, with potential macroeconomic impacts. There is a need for a timely and precautionary evaluation of the possible macroeconomic effects of cryptocurrencies and stablecoins and corresponding policy responses.