BIS: Stablecoins do not yet have monetary attributes, warns of the risk of “stablecoin dollarization” in emerging markets

Comparatively, according to The Block, the Bank for International Settlements (BIS) pointed out in its “2026 Economic Report” that currently stablecoins do not meet monetary standards in the four dimensions of unity, elasticity, interoperability, and integrity, and their operating model is closer to ETFs than payment instruments.

The report estimates that even if the stablecoin market value expands to $1 trillion to $3 trillion, the net effect on economic output will still be slightly negative, while increasing banks' financing pressure and weakening credit capacity. The BIS also warned that emerging economies risk “dollarizing stablecoins” or eroding their monetary sovereignty.

The report suggests using central bank currency as an anchor, constructing a “unified ledger” covering tokenized central bank reserves and commercial bank currency as an alternative, and using the Project Agora cross-border payment prototype as proof of feasibility.