DMI Journal, September 2025
Striking a balance: stablecoins and stability
In the digital assets space, the clamour can be deafening. A constant stream of headlines and whitepapers promises or dismisses a new financial frontier, with stablecoins at its heart. But for every genuine innovation, there is a speculative frenzy breeding misperceptions and friction across participants. It’s a landscape of immense potential, sometimes obscured by the very noise it generates.
Navigating the real potential of stablecoins demands clarity, expertise and a sober perspective. Drawing on the collective wisdom of OMFIF’s Digital Monetary Institute and its members, this edition of the Journal serves as a candid discussion of stablecoins and their implications for the financial system.
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This edition of the DMI journal includes key contributions from our members and partners including:
Carmelle Cadet, Jill Lagos Shemin, EMTECH
Isadora Arredondo, Hedera
Mark Rakhmilevich, Oracle
Natalie Lewis, Travers Smith
Christian Catalini, Lightspark, Massachusetts Institute of Technology Cryptoeconomics Lab
Andrew Gallucci, Circle
David Birch, 15mb
Jürgen Schaaf, European Central Bank
Daniel Nagy, Giesecke+Devrient
Dom T. Ghazan, Global Trade Finance
Ousmène Mandeng, Accenture
Álvaro de Salas, Minsait (Indra Group)
Richard Brown, Todd McDonald, R3
Marcelo Prates, Stellar
Glendy Kam, Tassat
Thibault Pelé, Worldline