The South African Reserve Bank Governor warned that the increasing use of stablecoins could undermine monetary uniformity.

South African Reserve Bank Governor Lesetja Kganyago warned of a potential "fragmentation" risk in the crypto asset market as stablecoins gain wider adoption. Speaking at the Warwick Economic Summit in 2026, Kganyago stated that central banks have a responsibility to "maintain the unity of the currency and its affordability for the public," and the development of stablecoins could pose a challenge to this goal. He pointed out that stablecoins, as digital tokens typically backed by assets such as US Treasury bonds and designed to be pegged to fiat currencies, have recently been increasingly used in South Africa as relatively low-volatility crypto asset instruments. The South African Reserve Bank had previously warned in November 2025 that the lack of comprehensive regulation of stablecoins was becoming a new risk to the country's financial system. Furthermore, Kganyago stated that rising global uncertainty highlights the importance of multiple financial models for central banks, especially in the context of changes such as US tariffs. (Bloomberg)