BIS: Stablecoins have failed three key tests and are unlikely to become the core of the future monetary system

Odaily Planet Daily News The Bank for International Settlements (BIS) pointed out in its latest annual report that stablecoins anchored to fiat currencies have failed to pass the three key tests of "unity", "elasticity" and "integrity" required to build a future monetary system, and are difficult to serve as the core foundation of the financial system. BIS believes that although stablecoins have certain technical advantages in programmability, anonymity and cross-border payment efficiency, their issuance structure limits their expansion capabilities, there is a lack of unified settlement standards between different issuers, and there are differences in anti-money laundering and compliance execution, which may threaten national monetary sovereignty and weaken the stability of the financial system. (The Block)