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The Bank of Spain warns about the risks of stablecoins

MeNews
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ME News Report, May 16 (UTC+8), the Bank of Spain warned in its Spring 2026 Financial Stability Report that if stablecoins are widely adopted, they could exacerbate domestic currency substitution, increase cross-border financial flows, and amplify cross-border transmission of shocks from U.S. monetary policy and different legal jurisdictions. The global stablecoin market cap has exceeded $320 billion, with USD stablecoins accounting for 98% to 99%, and Euro stablecoins about 0.2%. The Bank of Spain pointed out that stablecoins issued across multiple jurisdictions, such as USDC and USDT, may pose risks of regulatory fragmentation and crisis management coordination. (Source: MLion)
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GateUser-c1cab702
· 6h ago
U.S. monetary policy spills over through stablecoins, a channel much faster than the traditional banking system.
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RecedingTideAfterTheRain
· 8h ago
The prerequisites for widespread adoption of stablecoins haven't been addressed, so worrying about contagion risk might be overthinking it.
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PineNeedlesAndColdWind
· 12h ago
Regulatory fragmentation of USDT and USDC is really troublesome; who will provide the backing when something goes wrong?
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DrinkWaterBeforeTheMarket
· 12h ago
This report is only released in 2026, but stablecoins have long been ahead.
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GateUser-ced0257a
· 12h ago
0.2% of euro stablecoins is too realistic; Europe is basically absent in crypto payments.
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TheReflectionUnderTheNeon
· 12h ago
Cross-border transmission risks are described diplomatically; in reality, it's the Federal Reserve sneezing and causing a cold in the global stablecoin market.
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CalmWarehouseUnderTheAurora
· 12h ago
320 billion in market value, 98% of which is in US dollars; this figure looks like another extension of US dollar dominance.
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K-LineSocialAnxiety
· 12h ago
The risk of local currency substitution has already played out in Latin America, and Spain has been proactive.
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SilverLiningOfPessimism
· 12h ago
The central bank has finally started to take stablecoins seriously. This report is a bit late, but it's still better than nothing.
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