国际清算银行最新报告：稳定币未达到成为货币体系支柱的要求 未来角色尚不明朗

Core Insights - The report by the Bank for International Settlements (BIS) expresses concerns about the risks associated with stablecoins, highlighting their potential in tokenization but indicating they do not meet the necessary criteria to become a pillar of the monetary system [1][2][3] - The future role of stablecoins in the monetary system remains uncertain, as their poor performance in key tests suggests they may only serve an auxiliary role [2] Group 1: Key Tests for Stablecoins - Stablecoins fail to meet the three critical tests of singularity, elasticity, and integrity required for a robust monetary system [2] - The lack of central bank settlement functionality undermines the singularity of stablecoins, as their exchange rates fluctuate, leading to instability [2] - The anonymity of stablecoins facilitates illegal activities due to the absence of traditional financial system standards like Know Your Customer (KYC) [2] Group 2: Concerns and Risks - Stablecoins face inherent contradictions between their promise of stable value and the demands of their business models, which involve liquidity or credit risks [2] - The potential loss of monetary sovereignty and capital flight poses significant concerns, particularly for emerging markets and developing economies [2] - The report warns that the growth of stablecoins could lead to financial stability risks, including the tail risk of safe asset sell-offs [2] Group 3: Regulatory Challenges - Effective regulation of stablecoins is complicated by their operation on permissionless public blockchains, which limits the regulatory scope compared to traditional intermediaries [3] - The cross-border nature of stablecoins presents significant challenges for national regulatory frameworks, making it difficult to manage cross-border risks without international coordination [3] - The report suggests that central banks must play a catalytic role in providing new forms of currency to meet the evolving needs of the monetary and financial system [3]