The authoritative publication Financial Times published an analytical material stating that stablecoins, despite their name and functionality, "have remained a step away from becoming real money." This thesis underscores the fundamental differences between digital assets and traditional fiat currencies, which function as legal tender.
According to FT analysts, the main obstacle for stablecoins is the lack of full regulatory recognition and adequate backing that meets central bank standards. They point out that many stablecoins do not have 100% reserves in highly liquid and reliable assets, or their audits are not sufficiently transparent. This raises concerns about their stability and ability to withstand financial stresses.
Moreover, the lack of a 'legal tender' status limits their use as a universal medium of exchange and store of value, making them more like digital 'tokens' than full-fledged money. FT emphasizes that for stablecoins to truly become an integral part of the financial system, they need stricter regulations, more transparent reserves, and full support from governments and central banks.
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