Stablecoins show us the future of money — no matter what the BIS says
While the Bank for International Settlements dismisses them, stablecoins are exposing gaps in the financial system and driving change.
While central bankers debate the theoretical flaws of stablecoins, billions of dollars worth are already reshaping global payments every day.
Last week, the Bank for International Settlements (BIS) declared stablecoins unfit for monetary duty in its latest Annual Economic Report, arguing they fail the essential tests of "singleness, elasticity, and integrity".
But the BIS is missing the point entirely. Stablecoins aren't a monetary detour. They're a prototype for what comes next.
Whether policymakers like it or not, billions of dollars' worth of stablecoins already circulate daily in global digital markets. In many parts of the world, stablecoins provide a dollar proxy in inflation-ridden economies, a cheaper cross-border payment tool for migrant workers, and programmable rails for a growing DeFi ecosystem.
