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稳定币不稳定?“央行的央行”BIS警告:稳定币存在多重系统性风险
Hua Er Jie Jian Wen·2025-06-24 13:41

Group 1 - The Bank for International Settlements (BIS) issued a warning about the risks associated with stablecoins, urging central banks to accelerate the digitization of their currencies [1][4] - Stablecoins are seen as unreliable forms of currency, posing risks to financial stability and monetary sovereignty in the absence of regulation [1][4] - The warning comes shortly after the U.S. Senate passed a bill to create a regulatory framework for dollar-pegged stablecoins, impacting market sentiment and leading to a 7% drop in the stock prices of major stablecoin issuers like Circle [1][4] Group 2 - BIS identified multiple systemic risks related to stablecoins, including potential erosion of monetary sovereignty, transparency issues, and risks of capital flight from emerging markets [4] - BIS's economic advisor, Hyun Song Shin, compared stablecoins to private banknotes from the 19th century, highlighting their lack of traditional settlement functions provided by central bank currencies [4] - Concerns were raised about the control of stablecoins, with Tether holding over half of the market share but exiting the EU due to new licensing requirements [4] Group 3 - BIS called for central banks to take "bold actions" to advance digital central bank systems, integrating central bank reserves, commercial bank deposits, and government bonds [6] - The proposed system aims to maintain the global payment dominance of central bank currencies while consolidating various national currencies and bonds onto a single programmable platform [6] - Digital technology is expected to enable near-instant settlement of payments and securities transactions, reducing costs and opening up new functionalities [6]