Swiss Central Bank warns of deposit shift to stablecoins

The article focused on the Swiss National Bank's warning about the impact of stablecoins on monetary policy, emphasizing that the proliferation of these digital currencies could weaken the effectiveness of monetary tools and complicate the transmission of their effects to the economy. It explained that stablecoins, which peg their value to assets like the dollar or gold, might lead to funds moving from traditional bank deposits to these assets, thereby reducing banks' liquidity and affecting the central bank's ability to set interest rates and control inflation. The bank also pointed out that operating currencies outside the banking system could undermine the principle of a unified currency value, which may threaten the effectiveness of monetary policy and pose risks to financial market stability. While the bank welcomes innovation, it remains cautious in engaging with stablecoins and assesses their implications on liquidity and monetary tools comprehensively.

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