Danish Central Bank Warns Stablecoins Could Affect Payments and Policy
Danmarks Nationalbank has warned that heavy use of stablecoins could later affect payments, the financial system, and monetary-policy transmission in Denmark. Current use inside the country remains very low. The central bank published the analysis on 9 September 2026. It said global stablecoin activity has grown in recent years and rose sharply toward the end of 2025. Denmark still has no stablecoin pegged to the krone.
The bank does not treat today’s local volumes as a threat to financial stability. Access is still widening. Banks, fintech firms, and payment apps can put foreign-currency tokens in front of Danish users. That easier path could lift domestic use later.
One example is already live. Revolut began a phased rollout of EURR on 26 August 2026. Selected customers in Denmark, Poland, and Portugal received first access. A broader European Economic Area rollout is planned later in 2026. EURR is a euro-pegged stablecoin. Bridge Building S.A. issues the token. Bridge is owned by Stripe. The launch gives some Danish users a regulated euro token through a large app, even though no krone token exists.
Danmarks Nationalbank still flags dollar-backed coins as the main external risk. Tokens such as USDT and USDC dominate global stablecoin value. Trouble in those markets could spill into Denmark through the United States financial system and world markets. Euro tokens remain a small slice of the same industry.
Euro stablecoins have grown under the European Union’s Markets in Crypto-Assets (MiCA) rules. Payments firm Decta tracked eight MiCA-compliant euro coins that were actively issuing and trading. Their combined market capitalisation rose to $673.9 million on 28 June 2026. That compared with $295.6 million on 30 June 2025. Trading volume rose 43.1 percent, to $67.3 million from $47 million. The number of coins in that active group rose from five to eight. The euro segment is still tiny next to dollar-pegged tokens.
In short, Denmark’s central bank sees little domestic use today and no krone stablecoin. It also sees a future risk if foreign tokens, especially dollar coins, become common in payments. Officials say they will keep watching the market.