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Do stablecoins affect monetary policy transmission?
[Les stablecoins influencent-ils la transmission de la politique monétaire ?]

Author

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  • Mathilde Dufouleur

Abstract

The pegging of stablecoins to currencies or commodities is designed to mitigate the price volatility of crypto-assets. Billed as stable, easy to use, anonymous and with low transaction costs, stablecoins offer an alternative to fiat currency that lies outside the authority of central banks. However, their use raises concerns over a possible loss of control over monetary policy. L’adossement des stablecoins à une monnaie ou matière première vise à pallier la volatilité des crypto-actifs. Supposés stables, faciles d’utilisation, anonymes, avec de faibles coûts de transaction, ils constituent une alternative à la monnaie légale, en dehors de l’autorité monétaire centrale. Leur utilisation interroge sur une possible perte de contrôle de la politique monétaire.

Suggested Citation

  • Mathilde Dufouleur, 2025. "Do stablecoins affect monetary policy transmission? [Les stablecoins influencent-ils la transmission de la politique monétaire ?]," Eco Notepad 416, Banque de France.
    • Handle: RePEc:bfr:econot:416
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