Are stablecoins about to crash our economy? - Richard Murphy

7th September 2025

Stablecoins are being sold as safe, secure cryptocurrencies.

In reality, they are shadow banking in disguise – with the same risks that nearly destroyed the global economy in 2008. Nobel Prize–winning economist Jean Tirole is worried, and so am I.

If these private tokens collapse, the public will pick up the bill. It’s time to call stablecoins what they are: a threat to financial stability and democracy.