Growing adoption of stablecoins is strengthening global payment efficiency, yet their rapid expansion is beginning to intersect with Europe’s monetary framework. Dutch central bank governor Olaf Sleijpen shared on Nov. 16 in an interview with the Financial Times that the European Central Bank may eventually need to reassess policy as these markets broaden.

Sleijpen serves as president of De Nederlandsche Bank. He is also a member of the European Central Bank (ECB)’s Governing Council and General Council, a member of the European Systemic Risk Board, and a governor of the International Monetary Fund (IMF). Signaling that the ballooning demand for tokenized dollar instruments is deepening links between U.S. Treasury holdings and euro-area liquidity, he stated:

If stablecoins in the U.S. increase at the same pace as they have been increasing . . . they will become systemically relevant at a certain point.

The Dutch central banker highlighted potential volatility if redemption pressures surge, warning that “If stablecoins are not that stable, you could end up in a situation where the underlying assets need to be sold quickly,” a development he said could strain financial stability, economic activity and inflation.

He added that the ECB might “probably have to rethink monetary policy” if forced selling cascades across markets. “I don’t know in which direction we would be going,” because the policy response would hinge on the speed of spillovers, he further shared. His remarks reflect wider central-bank concern that growing dependence on U.S.-backed tokens may complicate domestic rate management.

Read more: ECB President Christine Lagarde Calls for Toughening Stablecoin Regulatory Compliance

Sleijpen said the eurozone has shown moderate improvement, citing more stable trade, stronger growth, and inflation that tracks the ECB’s 2% target. He explained that projections of below-target inflation primarily stem from lower energy costs and a stronger euro rather than deteriorating fundamentals, indicating that such forecasts alone do not mandate further rate reductions. He nevertheless urged caution, citing earlier misjudgments in 2022 when inflation shocks propagated rapidly through the economy.

While he emphasized vulnerabilities tied to digital-token structures, industry proponents argue that stablecoin growth—backed by appropriate safeguards—could ultimately contribute to more resilient liquidity channels and enhance cross-border settlement efficiency.

• How does accelerating stablecoin adoption affect Europe’s monetary framework?
  Expanding demand for tokenized dollar assets is increasingly linking U.S. Treasury markets with euro-area liquidity, creating potential policy implications for the ECB.
• Why might the ECB need to adjust its policy stance as stablecoin markets grow?
  Large redemption waves could trigger rapid asset sales, introducing volatility that may force the ECB to reassess its monetary-policy approach.
• What financial-stability risks did Olaf Sleijpen highlight regarding stablecoins?
  He warned that instability in underlying reserves could generate disorderly market sell-offs, affecting financial stability, economic momentum, and inflation dynamics.
• How does current eurozone performance influence the policy debate around digital tokens?
  More stable trade, firmer growth, and inflation aligned with the ECB’s target suggest that digital-asset spillovers—not weak fundamentals—represent the primary emerging risk for policymakers.

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