According to The Block, the Bank for International Settlements (BIS) released its 2026 economic report, stating that stablecoins lack monetary attributes in four key dimensions—unity, resilience, interoperability, and integrity—and function more like exchange-traded funds than payment instruments. Even if the market cap of stablecoins expands to $1–3 trillion, the net economic impact would still be slightly negative, while increasing pressure on banks and limiting credit capacity. The BIS also warned that emerging economies face the risk of "stablecoin dollarization," which could erode monetary sovereignty. The report recommends establishing a unified ledger centered on central bank money, combining tokenized central bank reserves and commercial bank deposits as an alternative framework.