In a sneak peek at its upcoming Financial Stability Review, the European Central Bank (ECB) highlighted that while the direct risks posed by stablecoins to financial stability remain constrained at present, their swift expansion trajectory demands keen observation. In the report, it was underscored that the combined market capitalization of stablecoins has soared past $280 billion, marking an all-time high. Should stablecoins gain widespread acceptance among households as a viable alternative to certain bank deposits, they could potentially undermine banks' funding bases and amplify financing volatility. This, in turn, could present a latent menace to financial stability. (Here, "sneak peek" is a more vivid and commonly used expression in English to convey the idea of a preview. "Highlighted" is a more natural and forceful verb than "pointed out" in this context. "Constrained" is a more precise word than "limited" to describe the current state of risks. "Swift expansion trajectory" and "keen observation" are more idiomatic expressions. "Underscored" is a stronger verb than "emphasized". "Viable alternative" is a more refined way to say "substitute". "Latent menace" is a more expressive phrase than "potential threat".)