Swiss National Bank Governing Board Member Tschudin stated that stablecoins make monetary policy transmission more difficult due to their limited connection to the two-tier financial system. The central bank official emphasized that these structural characteristics create friction in how policy measures flow through the broader economy. Tschudin stressed that digital currency design must not restrict a central bank's ability to carry out its core functions. The comments highlight growing concerns among monetary authorities regarding how private digital assets interact with traditional banking infrastructure and policy implementation mechanisms.