On 26 November 2025, as part of the Financial Stability Review, the European Central Bank (ECB) published an article on the growing role of stablecoins in financial markets and the related risks, with a particular focus on the euro area.
The authors state, inter alia, that the market capitalisation of stablecoins has reached 280 billion US dollars (which represents around 8% of the entire crypto-asset market). It is also indicated that they are most commonly used for crypto-asset trading – around 80% of all crypto-asset transactions on centralised trading platforms are carried out using stablecoins. The authors also draw attention to the risks that stablecoins pose to financial markets. One of the most significant among these is identified as the risk of investors losing confidence in stablecoins, which may lead to mass redemptions and, at the same time, to a loss of stability of their value relative to the underlying asset (the so-called de-pegging), the consequences of which may be felt not only in the crypto-asset market but also in traditional financial markets.
The full text of the article is available at the following link: