BIS：稳定币在作为货币体系支柱的三项测试中表现不佳

Core Viewpoint - The recent report by the Bank for International Settlements (BIS) casts doubt on the future role of stablecoins, suggesting they may only serve as auxiliary tools rather than foundational elements of the monetary system [1][2]. Group 1: Performance of Stablecoins - Stablecoins perform poorly in the three tests of a monetary system: singularity, elasticity, and integrity, indicating they can only play a supporting role [1]. - In terms of singularity, stablecoins lack the settlement functions provided by central banks, leading to fluctuating exchange rates that undermine their stability [1]. - The elasticity of stablecoins is compromised by their structure, which typically requires full prepayment from holders for any additional issuance, thus limiting their flexibility [1]. Group 2: Concerns and Risks - The report highlights concerns regarding stablecoins' promise of maintaining parity in exchange, which conflicts with their business model that involves liquidity or credit risks [2]. - There are significant worries about the impact on monetary sovereignty and capital flight, particularly for emerging markets and developing economies, as the growth of stablecoins could pose financial stability risks [2]. - The BIS report suggests that while private currencies like stablecoins meet the demand for new technological functions, their limitations raise doubts about their potential as pillars of the monetary system [2]. Group 3: Future Innovations - The report indicates that there may be better ways to meet the reasonable demands for new functions in the monetary and financial systems, such as innovations based on unified ledgers [2]. - Tokenization of central bank reserves, deposits, and government securities could serve as a foundation for the next generation of monetary and financial systems [2].