Group 1 - The International Bank for Settlements (BIS) has issued a "cooling" signal regarding the rising popularity of stablecoins, suggesting that central banks accelerate the tokenization process while highlighting the poor performance of stablecoins in key tests necessary to become a pillar of the monetary system [1][2] - Stablecoins are defined by BIS as a gateway to the crypto ecosystem, designed to maintain stable value relative to fiat currencies, primarily the US dollar [1] - BIS identifies three critical tests for stablecoins: singularity, elasticity, and integrity, which they have failed to meet, thus limiting their role in the monetary system [1][2] Group 2 - Concerns have been raised about stablecoins due to their anonymous nature, which allows circulation without issuer regulation, leading to potential use in money laundering and terrorism financing [2] - BIS acknowledges the uncertain future role of stablecoins but emphasizes that their poor performance in the three tests suggests they can only play a supportive role, with guidelines to integrate legitimate use cases into a regulated monetary system [2] - Despite concerns, BIS recognizes the value of tokenization in areas like cross-border payments and securities markets, proposing a new financial market infrastructure called "Unified Ledger" to facilitate the transformation of the monetary system [2]