The central banks' central bank says stablecoins still aren't real money The BIS (@BIS_org) has used its flagship annual report to deliver a blunt verdict: stablecoins in their current form fail the basic tests of money. They break from their peg, carry redemption frictions, and behave more like ETF shares than a means of payment, the report argues. It goes further on risk. The BIS says stablecoins account for a significant share of illicit on-chain activity and warns of "stablecoin dollarisation," where dollar-pegged coins flood emerging economies and erode local monetary control. Today 99.4% of fiat-backed stablecoins track the dollar. The BIS wants central banks to build their own tokenized rails instead, its long-running answer to private stablecoins.