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Does stablecoin growth cause inflation?

Author

Listed:
  • Antonio Ribba

    (Dipartimento di Economia, Università degli Studi di Modena e Reggio Emilia. Italy)

Abstract

We aim to examine the role played by the sharp rise of stablecoins in the recent evolution of inflation and other selected financial and macroeconomic variables in the USA economy. We use the structural VAR methodology and find that a positive shock to stablecoins causes a statistically significant increase in inflation and a decrease in yields on three-month Treasury bill. We also detect an expansionary effect on industrial production. In light of the further strong growth expected for stablecoins in the coming years, these findings clearly have some important implications for macroeconomic stability and the conduct of monetary policy.

Suggested Citation

  • Antonio Ribba, 2026. "Does stablecoin growth cause inflation?," Economics Bulletin, AccessEcon, vol. 46(3), pages 1284-1288.
    • Handle: RePEc:ebl:ecbull:eb-26-00938
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    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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