BIS says that stablecoins do not meet the requirements of a currency
3 min read
PortalCriptohttps://portalcripto.com.br/
ads
Loading…
The Bank for International Settlements (BIS) once again adopted a critical stance toward stablecoins in its 2026 Annual Economic Report. Presented during the institution's general meeting, held in Basel, Switzerland, the document states that these assets still do not meet the necessary requirements to be considered money within a modern monetary system.
In the chapter "Anchoring trust in money: innovation beyond stablecoins," the institution analyzes how the main dollar-pegged stablecoins work and concludes that they have important limitations in criteria considered essential for any form of currency. Among these factors are the singleness of money, elasticity of supply, interoperability between systems, and integrity of operations.
According to the report, stablecoins often show deviations from the reference value in secondary markets. In addition, the redemption process for these assets still faces obstacles that reduce their efficiency as a means of payment. For the BIS, these characteristics make stablecoins more similar to ETFs, rather than a currency used in everyday life.
The document also notes that the market remains concentrated. At the end of May, the combined value of stablecoins was estimated at approximately US$ 320 billion, with more than 99% of the supply made up of tokens backed by fiat currency linked to the US dollar. A large part of this market remains concentrated between USDT and USDC.
Despite the growth recorded in recent years, the BIS states that this segment still represents a reduced share when compared to the traditional banking system. Even so, the institution assessed the possible impacts if the adoption of these digital currencies increases significantly.
In the simulation prepared for the United States economy, the researchers estimated that a significant expansion of stablecoins could raise the funding cost of commercial banks and reduce the availability of credit. Although higher demand for government bonds could generate some fiscal space, this benefit would be insufficient to offset the effects on credit and economic activity.
Even considering scenarios in which the market reaches US$ 1 trillion, US$ 2 trillion, or even US$ 3 trillion in market value, the study concludes that the net impact on economic output would remain slightly negative.
Another point highlighted by the report involves the use of stablecoins in illicit activities carried out on public blockchain networks. According to the BIS, the combination of pseudonymity and self-custodied wallets makes it more difficult to apply "know your customer" and anti-money laundering mechanisms.
The institution also shows concern about the process it called "stablecoin dollarization." According to the authors, households in emerging economies may begin to use dollar-linked tokens as a store of value, reducing the influence of national currencies and altering international capital flows.
As an alternative, the BIS once again defended a framework based on harmonized international rules and the integration of tokenization into the financial model composed of central banks and commercial banks.
The central element of this proposal is a "unified ledger," which would bring together tokenized central bank reserves, tokenized money issued by commercial banks, and other regulated forms of private money in a common infrastructure, with central bank money as the main reference.
The report cites Project Agora as an example of this approach. The prototype brings together eight central banks, the BIS, and more than 40 private institutions to develop solutions aimed at international payments, demonstrating how tokenization can be incorporated into the traditional financial system without relying exclusively on stablecoins.