Sweden's Riksbank published a speech by First Deputy Governor Aino Bunge on how rapid digitalisation, tokenisation and geopolitical tensions are reshaping payments and what this implies for central bank money. She argued that if stablecoins become systemically important, their settlement should take place in central bank money, and that Sweden should restart a structured discussion on an e-krona as the European Central Bank (ECB) advances the digital euro. The speech flagged stablecoins’ potential to simplify cross-border payments and support tokenised markets, while highlighting risks if usage grows, including redemption runs that force asset sales, greater dependence on non-European payment services, reduced transparency in decentralised infrastructures that can hinder detection of criminal activity, and challenges to the “singleness of money”. It also set out the Riksbank’s ongoing integration with Eurosystem platforms, including use of TIPS for instant payments, development of the TIPS Cross-Currency service with the ECB and Danmarks Nationalbank, and policy decisions to move large-value payments from RIX to TARGET2 and securities settlement to TARGET2-Securities, alongside upgrades such as ISO 20022 messaging and broader access to RIX-INST. On resilience, the speech referenced the Riksbank’s crisis and wartime preparedness mandate, its coordination with identified critical payment firms, and work to enable offline card payments for essential goods for up to seven days. Next steps set out in the speech include updating terms and conditions and beginning to offer TIPS Cross-Currency to the market in 2026, starting preparations for the TARGET2-Securities transition in 2026, and aiming to complete the move to TARGET2 in 2030. Bunge also pointed to expected EU-level progress on a digital euro framework in 2026 and noted that a digital euro could materialise in 2029 at the earliest, arguing that Sweden should begin considering its e-krona approach in 2026 given the long lead times for any decision and implementation.
Riksbank 2025-12-04
Sweden's Riksbank calls for renewed e-krona debate and a central bank settlement role for stablecoins and tokenised assets
Sweden's Riksbank, via First Deputy Governor Aino Bunge, highlighted digitalisation, tokenisation, and geopolitical tensions' impact on payments, advocating stablecoins' settlement in central bank money if systemically important. The Riksbank is integrating with Eurosystem platforms, including TIPS for instant payments, and plans to transition large-value payments to TARGET2 by 2030. Bunge emphasized Sweden's need to consider an e-krona as the European Central Bank progresses on the digital euro, with potential EU-level developments expected by 2026.