BIS Warns $316 Billion Stablecoin Market Could Fragment Global Monetary System

The Bank for International Settlements (BIS) warned that the approximately $316 billion stablecoin market could risk fragmenting the global monetary system. According to NS3.AI, the BIS urged central banks and financial firms to accelerate the development of tokenized central bank money and tokenized commercial bank money. The BIS also said dollar-denominated stablecoins could weaken monetary sovereignty in emerging market economies.