Moody's Analysts Highlight Key Threat in Stablecoin Market
Date: 2025-09-29 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Moody's published a report emphasizing that the rapid development of the stablecoin market could change the traditional operating mechanisms of the banking system and monetary policy. According to the analysts, if the use of digital coins pegged to fiat currencies becomes widespread, this will lead to a decline in the role of deposits in traditional banks and reduce their impact on the economy.
In the medium term, this trend could force depositors to transfer a significant portion of their savings from bank accounts to stablecoins. As a result, commercial banks will face a shrinking deposit base, which will impact their ability to provide lending to businesses and private clients.
Moody's places special emphasis on the lack of a global regulatory framework. Vague regulations and weak government oversight increase the likelihood of financial turmoil, especially in countries where digital currencies have already become widespread. Experts warn that even if stablecoins appear to be a reliable instrument due to their pegging to national currencies, the lack of proper oversight makes them vulnerable to sudden collapses.
If the peg to fiat assets is broken, governments will be forced to take emergency and costly measures to maintain financial stability. Moody's notes that such scenarios could lead to large-scale capital outflows and undermine confidence in the banking system.
The problem is becoming international in scope, as stablecoins are freely traded on global markets and are not restricted by national borders. This is causing concern among regulators in Europe and other regions. Chiara Scotti, Deputy Governor of the Bank of Italy, previously stated the need to implement uniform regulatory rules for international stablecoins. According to her, only a coordinated approach across jurisdictions can mitigate the threats posed by the new segment of digital finance.
Moody's thus emphasizes that the prospects for stablecoins remain mixed: on the one hand, they offer users convenience and stability in payments, but on the other, they pose challenges for central banks and carry systemic risks. Experts believe that without clear international standards, market development could lead to increased instability and additional burdens on national financial systems.
