Central Banks Sound the Alarm: Stablecoins Are Now a Multi-Trillion Dollar Systemic Threat!

The Bank for International Settlements&#x27; General Manager Pablo Hernandez de Cos called global cooperation on stablecoins &quot;critically important&quot; on April 20, using language that has shifted sharply from investor-protection warnings to systemic-risk territory. With <a class="ticker-mention" href="/en-US/token/usdt">USDT</a> and <a class="ticker-mention" href="/en-US/token/usdc">USDC</a> together accounting for roughly 85% of the $315 billion stablecoin market, the BIS is now warning of bank-run dynamics, forced Treasury liquidations, and accelerated dollarization of developing economies.

The Federal Reserve&#x27;s March 2026 note added a structural concern: a large enough stablecoin sector outside the banking system can blunt monetary policy transmission, because the Fed&#x27;s tools work through banks — and a parallel network that bypasses them weakens their reach. The US banking lobby estimates stablecoins could extract $500 billion in deposits by 2028; Standard Chartered puts emerging-market deposit…