The latest report released by the Bank for International Settlements (BIS) raises serious doubts about whether stablecoins can serve as currency in the modern financial system.
According to the BIS's 2025 Annual Economic Report, stablecoins have failed the critical tests of "uniqueness," "resilience," and "integrity," which define effective monetary instruments.
The BIS points out that stablecoins are essentially "digital bearer instruments," with characteristics more akin to financial assets rather than true currency. "When evaluated against the three core tests of the monetary system's pillars, stablecoins perform significantly poorly," the report clearly states.
Unlike central bank-backed currencies, which can be universally accepted at "par" without background checks, stablecoins are issued by private entities and are often traded at volatile exchange rates. The report argues that this fundamentally undermines the core principle of monetary uniqueness.
The BIS emphasizes that the second test—resilience—is crucial for absorbing market shocks and meeting large payment demands.
The report notes, "Any additional supply of stablecoins requires full prepayment from holders," which amounts to a "strict prepayment cash setup," in stark contrast to the modern banking system, where central banks can flexibly provide liquidity based on market demand.
The third and perhaps most decisive failure lies in the area of integrity. The report argues that the design characteristics of stablecoins, especially those traded through non-custodial wallets on public blockchains, make them particularly susceptible to financial crime activities.
"In terms of maintaining the integrity of the monetary system, stablecoins exhibit significant flaws," the BIS emphasizes, noting that these flaws make stablecoins vulnerable to money laundering, sanctions evasion, and terrorist financing activities.
While the BIS acknowledges that stablecoins continue to be in demand due to their cross-border convenience and lower transaction costs, the institution stresses that stablecoins should only play a limited role under strict regulation.
"Society needs to relearn historical lessons and recognize the limitations of an unsound monetary system," the report warns. "Central banks and other public regulatory bodies can take decisive action in collaboration with the financial sector to guide the financial system back on track."
USDC stablecoin issuer Circle faced a severe blow following the BIS report, with its stock price plummeting over 15% to $222 on Tuesday. Notably, CRCL shares had just set a record high of $299 a day earlier.
Despite its harsh stance on stablecoins, the BIS report still acknowledges tokenization technology, calling it a "transformative innovation" for the next generation of monetary financial systems. The report states that tokenization is an upgrade built on the existing financial system rather than a disruptive replacement.
Insiders in the cryptocurrency community indicate that the BIS report's generally negative stance on stablecoins was "entirely expected," as the institution itself is "a regulatory body controlled by major central banks worldwide."
Jim Walker, Chief Economist at Aletheia Capital, pointed out: "The BIS's opposition to cryptocurrencies is almost hysterical. The first standard they emphasize, 'backed by central banks,' is itself ironic, considering these institutions' historic failure records globally; such a claim is truly laughable."
Related: Analyst: Michael Saylor's strategy has a 91% probability of qualifying for the S&P 500 in the second quarter.
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