Stablecoins and Financial Stability

Stablecoins Fall Short as Cornerstone of Monetary System, Central Banks Say

https://www.wsj.com/economy/central-banking/stablecoins-fall-short-as-cornerstone-of-monetary-system-central-banks-say-e0b33e70
Loss of monetary sovereignty and capital flight are major concerns, particularly for emerging markets.

Uncle Sam’s stablecoin passion has shaky rationale
https://www.reuters.com/commentary/breakingviews/global-markets-breakingviews-2025-06-19/

Why Passing the Stablecoin GENIUS Act Might Not Be So Smart
https://www.newyorker.com/news/the-financial-page/why-passing-the-stablecoin-genius-act-might-not-be-so-smart
Critics say enacting the pro-crypto legislation will make the financial system less safe and less stable—and further enrich Donald Trump.

The Genius Act Will Bring Economic Chaos
https://www.nytimes.com/2025/06/17/opinion/genius-act-stablecoin-crypto.html

How Stablecoins Can Be Destabilizing
https://www.wsj.com/finance/banking/how-stablecoins-can-be-destabilizing-c14a98b0
Banks will retain lots of deposits, but they might become bigger and less reliable. 

Stablecoin Legislation Will Juice Demand for Treasurys—to a Point
https://www.wsj.com/finance/stablecoin-legislation-will-juice-demand-for-treasurysto-a-point-3724fad7
Issuers of digital currencies need Treasury bills for their reserves, but analysts say the consequences are uncertain.