Working Paper Series

2026

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This paper analyzes the impact of stablecoins on bank intermediation and monetary policy transmission in the euro area.

* Examines how stablecoin adoption affects banks' funding structures and lending capacity.
* Investigates the implications of stablecoins for the effectiveness and predictability of monetary policy.
* Assesses the risks posed by foreign-currency-denominated stablecoins to monetary sovereignty.

Stablecoins, monetary policy, bank lending, financial stability, digital assets

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