BIS: Stablecoins are not currencies and fail the "three key tests" of the monetary system
2025-06-24 23:02:07
The Bank for International Settlements (BIS) said in its latest annual report that stablecoins do not qualify as the core of the monetary system and fail the three key tests of "unity, resilience and integrity". The report pointed out that stablecoins may weaken the integrity of the financial system and national monetary sovereignty, and even pose the risk of "hidden dollarization". Although it has certain advantages in cross-border transfer and technical efficiency, there are still problems such as weak compliance and concentration of issuers. The BIS is also optimistic about the prospect of "tokenization" of central bank reserves, commercial bank currencies and traditional assets, which it believes will lay the foundation for the next generation of financial system. Shares in Circle, the issuer of USDC, fell more than 15% on the day after the report was released.
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