The BIS Annual Report directly denies the monetary attributes of stablecoins, warning that emerging markets face the risk of "stablecoin dollarization." The report points out that existing stablecoins have deficiencies in the four core monetary attributes of uniformity, resilience, interoperability, and integrity, with price deviations from the peg and high redemption friction, making them more akin to ETF shares than payment instruments. Models show that even if market capitalization expands to $1-3 trillion, the net economic impact would be negligible or even negative, as it pushes up bank funding costs. For the crypto market, the impact lies in the BIS explicitly positioning stablecoins as "non-monetary" and reaffirming the "unified ledger" solution pegged to central bank money. This means future regulation may place stablecoins under a stricter non-bank financial intermediary framework rather than the payment system. Emerging market risks are particularly prominent: over 99% of stablecoins are pegged to the U.S. dollar, and if widely adopted, they will impact capital flows and monetary sovereignty. The BIS cites the Agora cross-border payment project as an alternative, pointing toward accelerated progress of central bank digital currencies. On the flip side: the BIS stance does not mean immediate regulatory follow-up by individual countries, but it provides theoretical ammunition for frameworks like the EU's MiCA and U.S. stablecoin legislation. Stablecoin issuers may face stricter reserve requirements and compliance costs, which could reshape on-chain liquidity structures.#defi #稳定币 #etf #链上数据 #区块链