Razvan Vlahu is a Principal Economist in the Financial Stability Division of De Nederlandsche Bank. Prior to this, he worked in the Economics and Research Division (Research Department). He has represented DNB in several consultative bodies, including those of the BIS (BCBS Research Task Force/Research Group) and the ECB (Macro-prudential Research Network). Razvan has held visiting positions at the Toulouse School of Economics (IDEI), the Bank of Finland, and the National Bank of Romania. He is also affiliated with the University of Amsterdam, where he teaches graduate-level courses in banking and risk management.

Keynote speech

STABLECOINS – GROWTH AND POTENTIAL IMPLICATIONS 

We examine the rapid growth of stablecoins, crypto assets designed to maintain a stable value through pegs to fiat currencies such as the euro or U.S. dollar and backed by reserves including short-term government securities and bank deposits. Our study focuses on how the continued expansion of stablecoins creates a trade-off between financial innovation and systemic risk management, and how this expansion may affect financial stability through various transmission channels. It also reviews key regulatory frameworks and highlights the implications of cross-jurisdictional differences.

Particular attention is given to the interaction between stablecoin ecosystems and traditional financial markets, including potential spillovers to banking systems and sovereign debt markets. As stablecoin issuers accumulate increasingly large reserve portfolios, shifts in user demand or episodes of market stress may trigger rapid redemptions, creating liquidity strains and amplifying risks in underlying asset markets. Furthermore, growing interconnectedness between stablecoins and conventional financial institutions raises concerns about contagion effects, operational vulnerabilities, and concentration risks.