Stablecoin Integration Threatens Monetary Policy Transmission - SNB

Swiss National Bank Governing Board member Petra Tschudin expressed concerns that large stablecoins not integrated into the existing financial system could complicate monetary policy transmission. This, she said, creates a situation where central banks struggle to fulfill their mandate. Tschudin made these comments during an event in Zurich on September 30, 2026.

Tschudin emphasized the importance of modernizing the payment system but noted that stablecoins pose challenges for policymakers. The two-tier financial system, which currently lacks integration with large stablecoins, makes it harder for central banks to implement monetary policy effectively.