国际清算银行警告：稳定币不稳定 存多重系统性风险

Core Viewpoint - The recent report from the Bank for International Settlements (BIS) highlights significant concerns regarding the reliability of stablecoins as a form of currency, indicating that without regulation, they pose risks to financial stability and monetary sovereignty [1][2]. Group 1: Performance of Stablecoins - Stablecoins have shown poor performance in three critical tests: singularity, resilience, and integrity, which are essential for them to become a pillar of the monetary system [3]. - The singularity of currency requires it to be universally accepted and issued by different banks, which stablecoins fail to achieve due to their behavior resembling financial assets rather than stable currency [3]. - Stablecoins did not pass the resilience test as their issuers' balance sheets cannot expand freely, necessitating full prepayment for any additional supply, limiting leverage [3]. Group 2: Risks of Financial Crime - Stablecoins perform inadequately in terms of integrity, making them susceptible to illegal activities due to their anonymous nature [4][7]. - The anonymity of stablecoins allows them to circulate without issuer oversight, raising concerns about their use in money laundering and terrorist financing [7]. - The lack of adherence to "Know Your Customer" (KYC) standards exacerbates the risk of stablecoins being used by individuals who have not undergone identity verification [6][7]. Group 3: Recommendations for Central Banks - BIS suggests that central banks should take bold actions to transform the monetary system into a next-generation framework based on trust and advanced technology [8]. - Central banks can promote the digitalization of central banking systems, integrating central bank reserves, commercial bank deposits, and government bonds [9]. - A clear vision from central banks is necessary to replicate key features of the current financial system within a tokenized ecosystem, providing the regulatory and legal frameworks needed for safe development [10].