The Reserve Bank of Australia published the 2026 Per Jacobsson Lecture delivered by Gita Gopinath at the bank's annual general meeting, focusing on stablecoins and anonymous money. In the lecture, Gopinath argues that stablecoin use is moving toward more anonymous forms of holding and exchange, in contrast to long-standing public policy preferences for less anonymous money, and that current regulatory frameworks may be insufficient to curb illicit activity. The lecture cites research showing that more than 70% of stablecoin holdings are in self-custody wallets and that most transactions occur between such wallets. By contrast, regulated custodial wallets are described as less anonymous. It also states that only around 11% of stablecoin transactions can be geolocated, limiting regulators' visibility into cross-border flows. The lecture links that opacity to risks including lost fiscal revenue from tax evasion, sanctions evasion, circumvention of capital controls and threats to monetary sovereignty, and concludes that stronger international cooperation on stablecoin regulation will be critical to improve transparency.
Reserve Bank of Australia2026-06-30
Reserve Bank of Australia publishes lecture warning stablecoins are shifting money toward more anonymous use
The Reserve Bank of Australia published a lecture by Gita Gopinath arguing that stablecoins are pushing money use toward more anonymous forms. The lecture says more than 70% of holdings are in self-custody wallets and only around 11% of transactions can be geolocated, raising concerns about illicit activity and cross-border regulatory visibility. It calls for stronger international cooperation on stablecoin regulation.