The Daily Peg
Tradfi turns to stablecoin collateral while ECB wonks worry about stablecoin effects on money transmission.
Industry news
HSBC To Join Hong Kong’s Stablecoin Regime
https://x.com/ChinaBeigeBook/status/2028568043907957010
Anchorage’s USAT Reserve Shows $17.6 Million Backing Tether’s US Stablecoin
https://www.theblock.co/post/391762/anchorage-usat-reserve-17-6-million-assets-backing-tether-us-stablecoin?
Tether, Anchorage And Deloitte Detail USAT Stablecoin Reserve Report
https://decrypt.co/359691/tether-anchorage-deloitte-usat-stablecoin-reserve-report
European Bank Qivalis Consortium Targets 2026 Launch For Euro-Backed Stablecoin
https://www.theblock.co/post/391770/european-bank-consortium-targets-2026-launch-for-euro-backed-stablecoin-report?
Barclays Explores Blockchain Settlement Tools As Banks Brace For Stablecoin Growth
https://www.theblock.co/post/391591/barclays-exploring-blockchain-settlement-tools-banks-brace-stablecoin-growth-bloomberg?
ProShares Stablecoin-Ready ETF Records $1.7 Billion In First-Day Trading Volume
https://www.theblock.co/post/390674/proshares-stablecoin-ready-etf-generates-record-17-billion-in-day-one-trading-volume
MoonPay Launches PYUSDx Framework For App-Specific Stablecoins Tied To PayPal USD
https://www.theblock.co/post/391602/moonpay-unveils-pyusdx-framework-app-specific-stablecoins-tied-paypal-usd
Analysis
ECB Paper Identifies Significant Risk to Monetary Policy Transmission in Euro Area from Non-Euro-Denominated Stablecoins
Stablecoins interact with multiple monetary policy transmission channels. By changing banks’ liability composition and funding costs, sizable deposit outflows into stablecoins can materially reshape these channels—strengthening the bank lending channel while weakening the deposit channel. Importantly, we find that widespread stablecoin adoption, through its impact on banks’ funding structures, can increase uncertainty in the pass-through of policy rates on lending volumes, reducing the predictability of monetary policy actions.
ECB’s Carlo Altavilla, Miguel Boucinha, Lorenzo Burlon, Ramon Adalid, Roberta Fortes, Franziska Maruhn
Fed Paper Says Stablecoins Directly Transmit Liquidity Shocks to Banking System
https://fedinprint.org/item/fednsr/102830
Investors Viewed Initial Impact of GENIUS Act as Beneficial for U.S. Banks
https://anderseninstitute.org/bank-equity-price-reactions-to-stablecoin-legislation
Bank Of England Study Warns Stablecoins Threaten Singleness Of Money
https://www.centralbanking.com/fintech/7975269/stablecoins-pose-risks-to-singleness-of-money-boe-study
Visa And Mastercard Not The Real Casualties Of Stablecoin Growth, Analysts Say
https://finance.yahoo.com/news/visa-mastercard-arent-real-casualties-133113889.html
Rapid Rise of Stablecoins Requires Consistent Regulatory Approach Due To Regulatory Arbitrage
https://www.bis.org/publ/bppdf/bispap166.htm
Sound of Da Police
Tether Froze $4.2 Billion in Stablecoins Linked to Crime Over Past 3 Months
Deep thoughts
Circle CEO Says Stablecoins Drive Financial Innovation And Market Expansion
https://finance.yahoo.com/news/circles-ceo-says-stablecoins-drive-183436236.html
Bankers Highlight Stablecoin Opportunities And Risks For Community Banks
https://bankingjournal.aba.com/2026/02/bankers-share-stablecoins-opportunities-risks-for-community-banks/
Piero Cipollone Warns Widespread Use of Dollar-Denominated Stablecoins Could Weaken Monetary Sovereignty and Shift Deposits Away From European Bank
https://www.bis.org/review/r260302b.htm
Bundesbank’s Nagel Urges Europe To Reduce Dependence On The United States
https://www.centralbanking.com/central-banks/monetary-policy/international/7975271/europe-should-be-more-independent-of-us-nagel
CBDCs
Rwanda Moves Toward Pilot Of Central Bank Digital Currency
https://bitcoinke.io/2026/02/rwanda-moving-to-pilot-cbdc/
Rwanda is preparing to pilot a central bank digital currency to modernize its payments system.
Tucker Carlson Interviews Catherine Austin Fitts On Financial System Risks And CBDC Agenda
https://tuckercarlson.com/tucker-show-catherine-fitts-022726
Collateral
Michael Blaugrund of ICE Discusses NYSE Plan to Launch New Trading Venue Where Investors Can Instantly Trade Equities Using Pre-Funded Stablecoins
Blaugrund Also Says Intercontinental Exchange (ICE) is Exploring Possibility of Accepting Stablecoins as Collateral Within Its Clearinghouses to Improve 24/7 Capital Mobility.
Beyond stablecoins
Morgan Stanley Trust Charter Would Enable ETrade Crypto Trading Expansion
https://x.com/byclairew/status/2027493216426111413
SEC Grants WisdomTree Relief For 24/7 Trading Of Tokenized Mutual Fund
https://www.theblock.co/post/391043/sec-grants-wisdomtree-exemptive-relief-for-24-7-trading-of-regulated-tokenized-mutual-fund
Cambridge Study Examines Tokenised Money Use Cases, Interoperability And Regulation
https://www.jbs.cam.ac.uk/wp-content/uploads/2026/02/2026-ccaf-tokenised-money-use-cases-interoperability-and-regulation.pdf
One participant described how constant availability of funds may eliminate or materially reduce the need for complex treasury forecasting and pre-positioning of liquidity.
Cambridge Centre for Alternative Finance