Core Viewpoint - Stablecoins have potential in tokenization but fail to meet the key standards of singleness, elasticity, and integrity, preventing them from becoming a pillar of the monetary system [1][2][6]. Group 1: Key Standards - **Singleness**: All currency units must have a unified value, but different stablecoins may not be exchangeable at a 1:1 ratio, leading to a lack of uniformity [3][9]. - **Elasticity**: Currency supply should flexibly expand or contract based on economic needs, but stablecoins require full collateralization, limiting their ability to create money like traditional banks [3][10]. - **Integrity**: The monetary system must prevent crime and maintain public trust, yet stablecoins lack adequate KYC mechanisms, raising concerns about their use in illegal activities [3][9]. Group 2: Current Monetary System - The existing dual-layer monetary system, centered around central banks, is deemed superior for ensuring currency applicability, despite having room for improvement [11][12]. - Central banks provide the highest form of currency, ensuring stability and credibility, while commercial banks support economic activities by providing payment means [11][12]. Group 3: Future of Monetary Systems - BIS acknowledges the transformative potential of tokenization, which could enhance the current system and pave the way for new arrangements in cross-border payments and securities markets [14][15]. - The concept of tokenization involves recording physical or financial assets on programmable platforms, integrating operations into a seamless process [15].