Olaf Sleijpen, Dutch central bank governor and ECB member, warned that the rapid growth of U.S. dollar stablecoins, now worth over $300 billion after a 48% rise this year, could risk Europe’s economy. He cautioned that if there’s a rush to redeem stablecoins backed by U.S. Treasuries, it might cause quick sell-offs, threatening financial stability worldwide. Sleijpen said such a scenario could force the ECB to adjust its interest rate policy to handle the fallout, impacting inflation and the broader economy.
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