As reported by Fixygen, the mass distribution of stable coins can change not only the payment market, but also the mechanism of monetary policy of central banks, warned a member of the board of the National Bank of Switzerland (SNB) Petra Chudin.
The representative of the SNB presented her position on new forms of money on September 30 at the KOF Prognosetagung 2026 in Zurich.
One of the main risks is related to the possible flow of funds from traditional bank deposits to stablecoins.
If the population and companies begin to transfer money from bank accounts to digital tokens in significant volumes, commercial banks may lose part of a relatively cheap source of financing.
As a result, resources for lending to the economy will decrease, and banks will have to seek more expensive market financing.
But for central banks, the problem is even deeper. By changing the interest rate, the central bank affects the value of money in the banking system. Banks then change deposit and loan rates, which affects consumer spending, corporate investment, and ultimately inflation.
The more money moves outside the traditional banking system into stablecoins, the weaker this monetary policy transmission channel can potentially become.
Chudin also pointed to the fundamental issue of the unity of money. Currently, one Swiss franc in a bank account under normal conditions is equivalent to one franc in cash or central bank money.
A stablecoin is a liability of a private issuer and does not necessarily have the same characteristics as central bank money.
This is why the proliferation of different private digital currencies could potentially lead to a more fragmented monetary system. At the same time, the SNB does not reject the digital money technology itself.
Switzerland is one of the most active European markets for institutional tokenization. The central bank is already experimenting with central bank digital money settlements for operations with tokenized assets.
Thus, the question for regulators is no longer whether new forms of money will emerge, but which digital form of money will become the main unit of account — private company stablecoins, tokenized bank deposits, or central bank digital money.
This confrontation is becoming one of the most visible structural trends. financial market in 2026.
Only in Great Britain, Barclays, HSBC, Lloyds Banking Group and NatWest conducted the first interbank transactions with tokenized deposits in September.
At the same time, European banks are developing their own stablecoin projects, and global financial groups are experimenting with 24-hour blockchain settlements.
Therefore, the market is gradually moving beyond the former confrontation of "cryptocurrency against banks". Banks and central banks are starting to build their own digital infrastructure that competes with the functions that USDT, USDC and other stablecoins perform today.
