ME News Message, May 16 (UTC+8), the Bank of Spain warned in its 2026 Spring Financial Stability Report that if stablecoins are widely adopted, they may intensify domestic currency substitution, increase cross-border financial flows, and magnify the cross-border transmission of shocks stemming from U.S. monetary policy and across different jurisdictions. The global stablecoin market value has exceeded $320 billion, of which USD stablecoins account for 98% to 99%, while euro stablecoins account for about 0.2%. The Bank of Spain noted that stablecoins issued across multiple jurisdictions, such as USDC and USDT, may bring risks of regulatory fragmentation and coordination challenges in crisis management. (Source: MLion)

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NoSleepBridge

· 1h ago

In the 320 billion dollar market cap, 99% is in US dollars, and this currency sovereignty issue is truly concerning.

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NeonUmbrella

· 2h ago

USDT and USDC regulation is fragmented; who will cover the losses if something goes wrong?

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ThereIsTvlInTheWind

· 2h ago

The Financial Stability Report begins to discuss crypto; the signals are clear.

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GateUser-047cb6fc

· 2h ago

98-99% is USD-denominated. The world settles stablecoins in USD, and this level of concentration is alarming.

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0XNightRun

· 2h ago

Crisis management coordination risk, chaos was already rehearsed during the Terra collapse.

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FragmentedSilverStarMap

· 2h ago

Stablecoins are convenient, but the concerns that central banks worry about are indeed unavoidable.

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StarsInTheGlassDome

· 2h ago

Issuance across multiple jurisdictions means that when issues arise, international coordination meetings are required, and efficiency is questionable.

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MirrorBallReflection

· 2h ago

The cross-border transmission risk has been described pretty accurately. The previous round of U.S. dollar interest rate hikes has already been played out once.

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GaslightPoet

· 2h ago

Euro stablecoin 0.2% vs. US dollar 99%—this gap isn’t a technical issue; it’s an ecosystem issue.

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FragilePosition

· 2h ago

The central bank's wording is very restrained, but the words "intensify" and "amplify" are used quite heavily.

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The Bank of Spain warns about the risks of stablecoins

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