South African Reserve Bank Governor warns that the growth in stablecoin usage could impact monetary unity

Odaily Planet Daily News: South African Reserve Bank Governor Lesetja Kganyago warned that the increasing popularity of stablecoins could pose a risk of “fragmentation” of related crypto assets. Speaking at the 2026 Warwick Economic Summit, Kganyago stated that central banks have a responsibility to “maintain monetary unity and ensure the public’s access to affordable currency,” and that the development of stablecoins may challenge this goal.

He pointed out that stablecoins, which are typically backed by assets such as U.S. Treasury bonds and designed to maintain a peg to fiat currency, have recently been used more and more in South Africa as a relatively low-volatility crypto asset tool. The South African Reserve Bank had previously warned in November 2025 that the lack of comprehensive regulation for stablecoins is becoming a new risk to the country’s financial system.

Additionally, Kganyago also stated that rising global uncertainties highlight the importance of various central bank financial models, especially in the context of changes such as the U.S. imposing tariffs. (Bloomberg)