Swiss National Bank Raises Concerns Over Stablecoins' Impact on Monetary Policy

The Swiss National Bank (SNB) has expressed growing concerns regarding the potential impact of large stablecoins on its monetary policy. During an event in Zurich on September 30, 2026, SNB Governing Board member Petra Tschudin highlighted that stablecoins could disrupt the traditional mechanisms through which monetary policy influences the economy, particularly through commercial banks.

Tschudin emphasized that stablecoins operate outside the established two-tier financial system, where the central bank interacts with commercial banks, which then serve households and businesses. If deposits shift from commercial banks to stablecoins, the SNB's ability to manage borrowing costs could be compromised, leading to a weaker influence on the economy.

While acknowledging the benefits of stablecoins in modernizing payment systems, Tschudin called for regulatory measures to ensure that the central bank retains control over monetary policy. This warning aligns with the SNB's earlier assessments in its July 2026 financial stability report, which identified risks such as disintermediation and the potential for runs on stablecoins lacking adequate reserves.

In response to the evolving landscape, Switzerland is introducing a new licensing category for issuers of fiat-backed stablecoins as part of amendments to the Financial Institutions Act. Concurrently, the SNB is exploring its own digital currency through Project Helvetia III, which aims to develop a wholesale central bank digital currency for interbank transactions, with the project extended until at least 2028.

© 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: KLEA News