According to Dutch central bank president Olaf Sleijpen, the European Central Bank (ECB) may soon have to view stablecoins not just as a regulatory issue but also as a potential source of macroeconomic shocks.
In an interview with the Financial Times, Sleijpen warned that the rapidly growing dollar-pegged stablecoins could have systemic effects on the European financial ecosystem. He pointed out that if these tokens become unstable, it would impact financial stability, the broader economy, and even inflation levels.
“If stablecoins are not so ‘stable,’ you may ultimately face a situation where you need to quickly sell off underlying assets,” he emphasized, noting that rapid liquidation could amplify market pressures.
Sleijpen stated that if the shocks are strong enough, the ECB may be forced to “rethink monetary policy.” However, he also stressed that it is currently unclear whether to raise or lower interest rates in such a scenario.
Sleijpen made these remarks as the stablecoin industry is experiencing explosive growth. According to CoinGecko, the total market capitalization of stablecoins has increased by nearly 50% this year. As of the time of writing, the overall valuation of stablecoins stands at $310 billion.
Tether's USDt, as the largest dollar-pegged stablecoin in the current market, has seen its market cap grow from $127 billion in November 2024 to $183 billion over the past year, achieving a 44% increase.
USDC, as the second-largest stablecoin asset, has nearly doubled from $37 billion to $74 billion during the same period.
In April of this year, the U.S. Treasury reported that the changing market dynamics are expected to accelerate the development of stablecoins. The Treasury predicts that by 2028, the market capitalization of stablecoins could reach $2 trillion.
Sleijpen noted that as dollar-pegged stablecoins continue to expand, the scale of this sector may reach a level where its volatility directly impacts the economic outlook for Europe.
In April, ECB Executive Board member Piero Cipollone wrote about concerns regarding the growth of dollar-backed stablecoins.
He believes that the introduction of central bank digital currencies (CBDCs) would help maintain the monetary sovereignty of the Eurozone. He stated that a digital euro could limit the potential for foreign exchange stablecoins to become a more commonly used medium of exchange in Europe.
Italian Minister of Economy and Finance Giancarlo Giorgetti also expressed concerns about dollar-based stablecoins. In April, he pointed out that stablecoins pose a more serious threat to the European financial system compared to trade tariffs.
Despite the general awareness of these risks, Sleijpen's comments highlight a more urgent issue: that large issuers themselves may become new transmission channels for financial instability. If large issuers were to sell off reserve assets on a large scale, this chain reaction could spread to liquidity conditions, asset prices, and inflation, among other areas.
In September of this year, Nobel laureate and economist Jean Tirole warned that if major stablecoins were to collapse, governments could face rescue pressures in the billions of dollars.
Related: Singapore warns that unregulated stablecoins may pose systemic risks as new regulations are about to be introduced.
Original article: “Stablecoin Panic Could Disrupt ECB Policy, Dutch Central Bank President Issues Warning”
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