The BIS says stablecoins still don’t meet the test of money at scale, citing weaknesses in stability, interoperability, and compliance — and it’s backing tokenized bank deposits instead. The fight is now open crypto rails versus regulated bank money.
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South Korea’s central bank has finished real-money tests in a BIS project using tokenized reserve payments, showing how wholesale CBDC-style rails could streamline cross-border settlement. It’s progress on the plumbing — but stablecoin rules and full rollout are still very much a work in progress.
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The BIS is warning that stablecoins may look like money, but if they scale too far they could drain bank deposits, stress Treasury markets, and weaken monetary stability. Its answer: tokenization anchored by central bank money, not private dollar wrappers.
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