Risks of Stablecoins, Staking and Lending
Yield always comes from somewhere. If it can't be explained where from, that itself is the risk.
Three product categories are often marketed as calmer alternatives to volatile trading: stablecoins, staking and lending. All three can be legitimate and understandable – but they carry risks that differ from the price risk of an ordinary crypto-asset.
Stablecoins: 'stable' is a claim, not a guarantee
A stablecoin tries to maintain a stable value by referencing an official currency or a basket of assets. Its value therefore depends on the reserves behind the token, on the issuer's management of them, and on your actual right to redeem. Under MiCA, asset-referenced tokens and e-money tokens are treated specially, precisely because the issuer's obligations are decisive. The key questions are: who is the issuer, what do the reserves consist of, who audits them, and do you as an individual have a right of redemption?
Staking: lock-up, technical risk and third-party risk
In staking, assets are locked as collateral in the network's consensus process in exchange for a reward. The risk consists of lock-up periods and withdrawal queues, technical penalties within the protocol for misbehaviour, and – if you use a service rather than doing it yourself – the fact that the service holds your assets. Price risk also remains throughout: the reward is paid in the same asset that can fall in value.
Lending: you become a creditor
When you lend out crypto-assets, you are effectively handing them over to someone else in exchange for a promise of repayment. If the counterparty runs into trouble, you become an unsecured creditor with no deposit guarantee. The EU's supervisory authorities specifically highlight that consumer protection is limited for this type of product.
- Who is the legal counterparty and what licence does it hold?
- Where does the yield come from, in one sentence?
- What happens to your assets in the event of insolvency or a withdrawal freeze?
- What lock-up period applies, and can the terms be changed unilaterally?
- How is the reward reported for tax purposes under Skatteverket's current guidance?
Calling a product stable, safe or passive is marketing – not a description of its risk level.
03 · SCOPE
This content does not cover
- Evaluation of individual stablecoins, staking services or lending platforms.
- Calculation of expected returns.
- Tax assessment of your situation.
04 · SOURCE REGISTER
Sources and check dates
05 · CORRECTIONS AND UPDATES
Correction and update history
No corrections or material updates have been made since publication. Corrections are logged here and in the corrections log.
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