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BIS: Stablecoins do not yet possess monetary attributes, warning of the risk of "stablecoin dollarization" in emerging markets.

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ME News, June 29 (UTC+8), ME News, June 29 (UTC+8), the Bank for International Settlements (BIS) pointed out in its "2026 Annual Economic Report" that current stablecoins do not meet the monetary standard in the four dimensions of singularity, resilience, interoperability, and integrity, and their operational model is closer to an ETF than a payment instrument. The report estimates that even if the market cap of stablecoins expands to $1 trillion to $3 trillion, the net effect on economic output would still be slightly negative, while increasing bank funding pressure and weakening credit capacity. BIS also warned that emerging economies face the risk of "stablecoin dollarization," which could erode their monetary sovereignty. The report recommends using central bank currency as an anchor, building a "unified ledger" covering tokenized central bank reserves and commercial bank money as an alternative, and citing the Project Agora cross-border payment prototype as evidence of feasibility. (Source: ChainCatcher)
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