Forget Stablecoins
Burkhard Drees and Sunil Sharma | 2 June 2026Monetary, Commentary | Tags: CBDC, Central Banks, Financial Governance, Stablecoins
Modern banking systems are inherently fragile because they assign to private institutions the contradictory tasks of simultaneously creating money and financing risky lending. Digital innovation amplifies this fragility: stablecoins introduce new layers of runnable instruments, while digitization accelerates financial panics. ... continue reading