Central banks divided over stablecoin impact on US debt demand
Respondents offer different views on adoption paths and market dynamics
Respondents to the Fintech Benchmarks 2026 broadly agree the growth of dollar stablecoins will create demand for US Treasuries, but they are split on the overall dynamics, with some saying the net effect is unclear.
Nineteen central banks answered this comment-based question. Nine respondents (47%) said unequivocally that stablecoins would increase demand for US Treasuries. The same number, while acknowledging stablecoin issuance is likely to increase demand for short-term US Treasuries, offered
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Two-thirds of central banks predict CBDC adoption in 5–10 years
Stablecoin launches seen as more likely by authorities without CBDC mandate
Most circulating stablecoins pegged to the greenback
Jurisdictions with stablecoins in use are largely high and upper-middle income countries
Financial stability seen as top risk from private digital money
Concerns differ somewhat by region
Majority of CBDCs designed to be domestic only
But a fifth of central banks are working on multi-currency CBDCs
Central banks report 28 operational bitcoin ATMs on average
Jurisdictions with larger institutions have the most machines
CBDCs politicised in one in five jurisdictions
Public and private sectors mostly concerned about privacy of digital currencies
Fintech licences issued yearly remain below 10 on average
Number of fintechs in operation averages just over 60