Stablecoin use remains very limited in Denmark, and Danmarks Nationalbank said it does not currently threaten domestic financial stability. No Danish krone-denominated stablecoin is in circulation. The central bank warned that rapid global growth in U.S. dollar-pegged tokens could transmit overseas market volatility to Denmark through the U.S. financial system, with wider adoption potentially affecting payment systems, financial markets, banks and monetary policy transmission. USDT and USDC dominate the global stablecoin market, while access to foreign-currency tokens is expanding through banks, fintech companies and regulated payment infrastructure, including Revolut’s rollout of the euro-pegged EURR to selected customers in Denmark. Danmarks Nationalbank is working with the European Central Bank to ensure central bank money remains the primary settlement asset between banks as financial markets become more tokenized.