IMF /and Erik Thedéen/ warned $305 billion stablecoin market poses systemic threat
The IMF warned in its financial stability report that the $305 billion stablecoin market poses a systemic threat to the global financial system.
Stablecoins face the risk of runs, like banks. Fire sales of assets against which they’re backed — like cash deposits and government securities — could spill into banks, government bonds, and repo markets.
That would mean contagion and a self-fulfilling selling cycle, forcing central banks to intervene.
Such risks are hard to ignore. The last wave of new financial products, like collateralized mortgage obligations, had just this effect nearly two decades ago during the Global Financial Crisis.
John Authers Bloomberg October 16, 2025
https://www.bloomberg.com/opinion/newsletters/2025-10-16/has-the-horse-already-bolted-the-stablecoin
The rapid growth of stablecoins might prompt global policymakers to re-evaluate new bank capital standards for crypto assets, according to the chair of the Basel Committee on Banking Supervision.
“The talk of the town is stablecoins,” Erik Thedéen, who’s also governor of Sweden’s Riksbank, said Wednesday at a conference in Washington.
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