Intereconomics | 2026
Authors: Krogstrup G.S.
DOI: 10.2478/ie-2026-0014
Journal: Intereconomics
Year: 2026
Publisher: Sciendo
Document Type: Article
Open Access: All Open Access; Gold Open Access
Cited by: 0
The future role of stablecoins in the global monetary and payments system remains uncertain. Stablecoins may evolve into a more significant component of financial infrastructure, or they may remain a relatively specialised instrument within specific aspects of the digital asset ecosystem. At present, it is too early to determine their long-term trajectory. Regardless of their eventual scale or scope, the emergence of stablecoins raises important policy questions. A key challenge is to ensure that their development does not give rise to unintended risks for financial stability or the functioning of the financial system. This should enable society to benefit from technological innovation while safeguarding trust, financial resilience and monetary sovereignty. This article examines the concept of stablecoins, their technological and economic foundations, and their potential use cases. It further discusses recent developments in the political and regulatory environment, and assesses the implications of stablecoins for financial stability, monetary sovereignty, and the balance between public and private forms of money. Finally, it outlines key policy considerations for ensuring that the evolving monetary ecosystem remains resilient and well-functioning in the face of rapid technological change. © The Author(s) 2026.