Does stablecoin growth cause inflation?

Antonio Ribba ()
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Antonio Ribba: Dipartimento di Economia, Università degli Studi di Modena e Reggio Emilia. Italy

Economics Bulletin, 2026, vol. 46, issue 3, 1284 - 1288

Abstract: We aim to examine the role played by the sharp rise of stablecoins in the recent evolution of inflation and other selected financial and macroeconomic variables in the USA economy. We use the structural VAR methodology and find that a positive shock to stablecoins causes a statistically significant increase in inflation and a decrease in yields on three-month Treasury bill. We also detect an expansionary effect on industrial production. In light of the further strong growth expected for stablecoins in the coming years, these findings clearly have some important implications for macroeconomic stability and the conduct of monetary policy.

Keywords: Inflation; Stablecoin shocks; Monetary policy (search for similar items in EconPapers)
JEL-codes: E3 E5 (search for similar items in EconPapers)
Date: 2026-09-30
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