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Article
How Stablecoins Are Rewriting the Rules of Cash and Liquidity
Stablecoins are rapidly evolving from crypto-adjacent instruments into programmable cash infrastructure. This article explores how 24/7 digital liquidity, reserve transparency, and tokenised settlement are reshaping treasury strategy, deposit stability, and funding models - while introducing new stress transmission channels into the financial system.
Feb 25, 2026
Nidhi Singh, Head of Liquidity and Funding Risk, UBS
Tags:
ALM, Treasury and Liquidity Risk
AI and Technology (including Fintech)
Market Risk
The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization
• Stablecoins are becoming programmable digital cash.
• 24/7 liquidity challenges traditional treasury assumptions.
• Deposit displacement risk affects bank funding models.
• Reserve backing structures determine stress resilience.
• Cross-border payments may become faster and cheaper.
• Dollar dominance could strengthen through tokenisation.
• New governance and liquidity stress risks emerge.
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