Are central banks right to sound the alarm on stablecoins? While the Bank for International Settlements (BIS) and the ECB have renewed their warnings, the reality on the ground is far more nuanced. For fintech boards and financial institutions, the question is no longer if stablecoins have a place, but how to govern their integration into the global value chain.

At DNYC Ltd, I advise fintechs on navigating growth inflection points and value creation strategies, moving past the noise to identify where new technologies and solutions (stablecoin being one of them!) create genuine operational upside.

A common error in current regulatory discourse is treating all stablecoins as a single risk category. From a risk perspective, a stablecoin’s credibility is defined by its issuer, its regulatory jurisdiction, and its reserve transparency. The credibility of the peg is only as strong as the institution defending it.
Few aspects to consider:

• Regulated vs. Unregulated: A USD stablecoin issued under the MiCA (Markets in Crypto-Assets) framework is a regulated financial instrument. A rouble-pegged token from an offshore, non-transparent entity is (also!) a regulatory risk.
• The Context of Demand: In volatile economies like Argentina or Nigeria, USD-backed stablecoins are not “experiments”—they are survival tools for capital preservation.

Board Guidance: Boards must perform a solid investment and governance assessment before adopting any digital asset.

2. Stablecoins as a Settlement Layer, Not a “Currency”

Central banks often criticize stablecoins for failing to meet the three classical functions of money (Store of Value, Unit of Account, Medium of Exchange). However, this misses the “utilitarian” perspective.

Stablecoins do not need to be exactly like “real money” to be valuable. Their primary utility lies in wholesale settlement.

• Speed: B2B cross-border payments that previously took days via correspondent banking can happen in seconds via stablecoins.
• Cost: By removing traditional intermediary layers, stablecoins deliver margin efficiency, a key lever DNYC advises clients to consider.

The real concern for the ECB and other central banks around the world is the potential for an uncontrolled synthetic money supply. And rightly so, especially in some more fragile economies. If stablecoins become highly leveraged instruments without central bank backstops, they could replicate the systemic risks of the 2008 financial crisis in some countries.

DNYC’s Strategic Advisory focuses on:

• Fiduciary Responsibility: Guiding boards through the macroeconomic implications of stablecoin adoption.

Risk Management: Designing frameworks that treat stablecoins as an additional technology layer for value transfer, ensuring sufficient liquidity is matched and redundant solutions are in place.

4. The Post-MiCA Reality: Innovation Under Supervision

Six months into the full implementation of MiCA, the data is clear: stringent regulation has not killed stablecoins; it has institutionalized them. Usage remains robust because the technology solves a friction point that traditional banking has ignored.

As a Strategic Transformation Advisor, Daniela Sozzi helps firms translate investors’ and management vision into board-ready strategy. Whether it’s a £5m operational synergy plan or a €15m post-merger integration, the focus remains on execution and accountability.

The future of finance is not about choosing sides between central banks’ views and crypto-evangelists. It is about pursuing Strategic Clarity at all times and resisting FOMO (Fear of Missing Out) syndrome. At DNYC Ltd, I help fintech leaders cut through the ideological noise to harness blockchain solutions that are stable, compliant, and value-accretive.

“The debate is not about whether stablecoins are ‘real’ money. It is about whether we are building a parallel system that amplifies old risks or a new system that solves old frictions.” — Daniela Sozzi

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