SNB Warns Stablecoins Threaten Monetary Policy Transmission
The Swiss National Bank (SNB) has added stablecoins to its list of concerns. According to SNB Governing Board member Petra Tschudin, large stablecoins could disrupt how monetary policy reaches the real economy.
Tschudin warned that if deposits drift away from commercial banks and into stablecoins, the pipes the SNB uses to steer borrowing costs could get leakier. This would undermine the SNB's influence over borrowing costs.
The SNB has been flagging stablecoin risks for a while now. In its July 2026 financial stability report, it pointed out two main dangers: disintermediation (money bypassing banks) and run risk (a stablecoin backed by inadequate reserves facing redemptions it can't meet).
The SNB is exploring ways to regulate stablecoins. It's creating a new license category for issuers of fiat-backed stablecoins, while also experimenting with its own wholesale central bank digital currency.