News · Stablecoins & Payments
European Central Bank official Isabel Schnabel and BIS researchers detail bank disintermediation risks, run dynamics, and capital-control evasion.
Key point 1 of 3
01
Stablecoin market capitalization approaches $300 billion, with USDT and USDC controlling roughly 90% of the total market .
Key point 2 of 3
02
ECB's Schnabel warned stablecoins could trigger runs, fire sales, and bank disintermediation by replacing retail deposits with wholesale liabilities .
Key point 3 of 3
03
A BIS study spanning over 130 economies found stablecoin flows evade capital controls and mirror persistent deposit dollarisation drivers .
Context
Stablecoin volumes have expanded from niche crypto trading settlement to broader store-of-value instruments, mimicking the growth trajectory of money market funds and offshore…
Why it matters
Commercial banks face deposit attrition and more volatile funding costs, while emerging market central banks confront eroded capital controls and heightened inflation…
What to watch
Monetary authorities adapting regulatory perimeters, foreign exchange reporting rules, and central bank payment infrastructure to curb systemic run risks.
Sources
Built from 2 primary sources, machine-checked before publication.
Keep reading
Read the full story
AI-generated, source-verified. Sources, citations and live prices on the article page.