SNB official warns stablecoins could weaken monetary policy
At a Zurich event on September 30, 2026, SNB governing board member Petra Tschudin warned that large stablecoins could disrupt monetary policy transmission by shifting deposits away from banks, and she urged regulation to preserve central bank control over borrowing costs. The SNB had flagged disintermediation and run risk in its July 2026 financial stability report, though the Swiss franc stablecoin market cap remained under $50 million as of mid-2026. Switzerland is creating a payment instrument institution license for fiat-backed stablecoins while the SNB extends Project Helvetia III to at least 2028 to test a wholesale central bank digital currency.
SNB warns large stablecoins could weaken monetary policy transmission
Context
The SNB raised stablecoin risks in its July 2026 financial stability report. Tschudin…
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