همفکران فناوری شریف
1Introduction
In its 2025 Annual Economic Report, the BIS sets three tests for sound money: singleness (money is always accepted at par), elasticity (supply can adjust to the economy’s needs) and integrity (resistance to money laundering and abuse).
2Discussion
The BIS concludes stablecoins fall short of these tests and cannot be the mainstay of the monetary system, warning that without regulation they pose risks to financial stability and monetary sovereignty.
3Conclusion
Instead, it proposes tokenising central bank reserves, bank deposits and government bonds on a unified ledger. Its central bank survey also shows over a third of jurisdictions accelerated CBDC work in light of stablecoin growth.
Sources
- BIS — Next-generation monetary and financial system takes shape (press release, June 2025) ↗
- BIS — Annual Economic Report 2025 ↗
- BIS Papers No 159 — Results of the 2024 BIS survey on CBDCs and crypto ↗
همفکران فناوری شریفThis article summarises the official sources cited, prepared by the Hamfekran Fanavari Sharif team for finance leaders.
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