Swiss National Bank’s Tschudin: Stablecoins Make Monetary Policy Transmission Harder

This is a central banker flagging stablecoins as a structural issue for policy transmission, not a market-conduct concern — a notable shift in framing from a major institution. The absence of named issuers or jurisdictions suggests the critique is aimed at the architecture itself, particularly coins whose backing and intermediation sit outside the two-tier banking system. The open question is whether this view hardens into supervisory expectations for stablecoin design in Switzerland and beyond, or remains a rhetorical position.