BIS warns stablecoins not the future of payments

A report from the Bank for International Settlements highlighted that stablecoins are not a reliable or widely scalable means of payment, noting that their use is limited to specific roles within the financial system. It emphasized that tokenized deposits represent a more effective option for leveraging new technologies while maintaining monetary stability, and that they should play a leading role in everyday payments, whereas stablecoins are used for more specialized functions. The report also cautioned that widespread adoption of stablecoins could diminish the sovereignty of national currencies and pose challenges to interoperability, potentially impacting the monetary policies of central banks. Additionally, it raised concerns about the possibility of increased digital dollarization and a decline in the effectiveness of domestic monetary policy.

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