Petra Tschudin, a member of the Governing Board of the Swiss National Bank (SNB), pointed out that "stablecoins make it difficult for monetary policy to be transmitted throughout the economy." She emphasized, "Stablecoins have low connectivity with the existing two-tier financial system. Therefore, the central bank's policies can weaken their impact on financial markets and the real economy," adding, "The design of digital currencies should not restrict the role and functions of central banks."
