The South African Reserve Bank’s latest financial stability report signals a new phase of crypto risk, moving beyond volatile assets like Bitcoin and Ether.
The SARB highlighted a “structural shift” in the adoption of stablecoins, based on a major surge in trading volume since 2022.
This trend is part of a broader warning that labels all digital assets—including crypto and stablecoins—as a new threat to financial stability. The central bank is concerned that the growing user base, now at 7.8 million, and the borderless nature of these technologies could undermine South Africa’s financial controls.
