Swiss National Bank warns stablecoins could hinder monetary policy transmission

Swiss National Bank (SNB) Governing Board member Petra Tschudin warned on September 30, 2026, that large-scale stablecoin adoption could disrupt the transmission of monetary policy. Tschudin argued that if funds shift from commercial banks to stablecoins, the SNB's ability to influence borrowing costs through the traditional two-tier financial system may be weakened. While acknowledging the potential for stablecoins to modernize payment systems and reduce transfer costs, she emphasized the necessity of regulatory guardrails to maintain central bank control. The SNB previously highlighted risks of disintermediation and redemption runs in its July 2026 financial stability report.