Political developments and new regulation have contributed to renewed interest in stablecoins. In the United States, dollar-denominated stablecoins are viewed as a potential means to reinforce the international role of the dollar, whereas the EU is looking at risks associated with greater dependence on US-based payment systems. In both regions, new regulatory initiatives are bringing greater clarity, while cross-border alignment remains necessary.
Despite heightened attention, the use of stablecoins for payments or as a store of value continues to be limited. Today, stablecoins are primarily used for settling transactions involving other crypto assets.
We do not know how the stablecoin market will evolve. If adoption becomes more widespread, it could affect financial stability, countries’ ability to steer monetary policy conditions, and the balance between private and public money. In the EU, we benefit from robust payment systems and high trust in institutions. This provides a strong foundation for harnessing the potential societal benefits of innovation and new forms of money.
In her speech at CEPS, Governor Signe Krogstrup noted: “Stablecoins may grow, or they may not. What matters is that society benefits from innovation while we safeguard trust, resilience, and monetary sovereignty.”
Danmarks Nationalbank works to ensure that, also in the future, the public continues to have access to safe and efficient money and payment solutions.
As Governor Signe Krogstrup emphasised: “Our role is not to pick technological winners, but to ensure that new forms of digital money are safe, efficient, and develop on a level playing field.”
Read more about Danmarks Nationalbank’s work on digital money here: New forms of digital money, and in the bank’s analysis of crypto assets.
Most recent presentations and speeches