320 billion dollars in stablecoins—BIS labels them with a single report: not money, but an ETF
On June 28, the Bank for International Settlements (BIS) released its annual report, dedicating an entire chapter to dissecting stablecoins. Conclusion: stablecoins aren’t money; they’re more like ETFs.
With a market cap of $320 billion and 99.4% pegged to the U.S. dollar, USDT and USDC dominate the market. BIS believes this scale is already enough to threaten the global monetary system.
“Stablecoins are not money”
BIS assesses stablecoins on four dimensions and argues that current stablecoins fail to meet the standard. De-pegging in secondary markets, and frictions during redemptions. Holding USDT, in essence, is holding “shares in a fund that invests in U.S. Treasuries,” not “digital dollars.”
“Dollarization 2.0”—sovereignty is being eroded
What BIS fears most is emerging markets. When residents hold USDT in mobile wallets, they are bypassing their local currency and directly holding “digital dollars.” Once reliance on foreign currency takes hold, it becomes extremely hard to unwind. This isn’t short-term speculation—it’s structural.
Blood is drawn from the banking system
BIS modeling shows that even if stablecoin market value reaches $1–3 trillion, the impact on the economy would still be negative. Bank deposits drain away → funding costs rise → credit contracts → pressure builds on the real economy. Stablecoins run on permissionless networks where anti–money laundering and KYC are essentially a formality.
BIS’s answer: tokenized money, not private stablecoins
BIS proposes a “unified ledger”—integrating tokenized central bank money, commercial bank deposits, and financial assets onto a single regulated, programmable platform. Tokenization can be done, but it must be done by central banks and regulated banks—not by private issuers.
The Trump administration has pushed the GENIUS Act to establish a regulatory framework. The BIS report is already setting the tone for global regulation in 2027–2028. Stablecoins won’t disappear, but they will be “compliance-ified.” Compliant stablecoins will replace gray stablecoins; tokenized U.S. Treasuries and RWA assets may become the biggest beneficiaries under the compliant framework.
#stablecoins #BIS #USDT🔥🔥🔥 #USDC #监管 #RWA
On June 28, the Bank for International Settlements (BIS) released its annual report, dedicating an entire chapter to dissecting stablecoins. Conclusion: stablecoins aren’t money; they’re more like ETFs.
With a market cap of $320 billion and 99.4% pegged to the U.S. dollar, USDT and USDC dominate the market. BIS believes this scale is already enough to threaten the global monetary system.
“Stablecoins are not money”
BIS assesses stablecoins on four dimensions and argues that current stablecoins fail to meet the standard. De-pegging in secondary markets, and frictions during redemptions. Holding USDT, in essence, is holding “shares in a fund that invests in U.S. Treasuries,” not “digital dollars.”
“Dollarization 2.0”—sovereignty is being eroded
What BIS fears most is emerging markets. When residents hold USDT in mobile wallets, they are bypassing their local currency and directly holding “digital dollars.” Once reliance on foreign currency takes hold, it becomes extremely hard to unwind. This isn’t short-term speculation—it’s structural.
Blood is drawn from the banking system
BIS modeling shows that even if stablecoin market value reaches $1–3 trillion, the impact on the economy would still be negative. Bank deposits drain away → funding costs rise → credit contracts → pressure builds on the real economy. Stablecoins run on permissionless networks where anti–money laundering and KYC are essentially a formality.
BIS’s answer: tokenized money, not private stablecoins
BIS proposes a “unified ledger”—integrating tokenized central bank money, commercial bank deposits, and financial assets onto a single regulated, programmable platform. Tokenization can be done, but it must be done by central banks and regulated banks—not by private issuers.
The Trump administration has pushed the GENIUS Act to establish a regulatory framework. The BIS report is already setting the tone for global regulation in 2027–2028. Stablecoins won’t disappear, but they will be “compliance-ified.” Compliant stablecoins will replace gray stablecoins; tokenized U.S. Treasuries and RWA assets may become the biggest beneficiaries under the compliant framework.
#stablecoins #BIS #USDT🔥🔥🔥 #USDC #监管 #RWA