Christine Lagarde: Stablecoins and the future of money – separating functions from instruments Speech by Ms Christine Lagarde, President of the European Central Bank, at the Bank of Spain LatAm Economic Forum, Roda de Bará, 8 May 2026.
It is a privilege to be at Castillo de Bará for the inaugural Banco de España LatAm Economic Forum
Few developments in recent years have moved from the periphery to the centre of the policy debate as quickly as stablecoins. Stablecoins have grown from less than USD 10 billion six years ago to more than USD 300 billion today. They are overwhelmingly denominated in US dollars, and nearly 90% of the market is controlled by two issuers – Tether and Circle – based in El Salvador and the United States, respectively.
As their adoption has expanded and their links to the real financial system are deepening, the risks they pose have come firmly into focus, especially as regards financial stability. These concerns have been particularly acute in parts of Latin America and Africa, but they are now firmly part of the policy debate in advanced economies as well. Europe was early to recognise this.