If you’ve seen the recent BIS commentary on stablecoins and felt a little uneasy, you’re not alone. The question isn’t whether digital dollars are useful. They are. The question is what happens if they scale so fast they nudge the money stack out of alignment.
This piece breaks down what the Bank for International Settlements is actually worried about, how stablecoins differ from CBDCs and tokenized bank deposits, and where the real risks show up for banks, payment firms, and regular users. No hype. Just the moving parts and what to watch in 2026.
Quick Answer
Editor’s note: A couple of OTC shops told me their Asia to LatAm corridors are now majority USDT or USDC. Meanwhile, MiCA onboarding is real work for firms in Europe, and the mBridge pilots are drawing more institutional curiosity than most people assume. The BIS tone is getting firmer, but builders are adapting. I’m watching how quickly tokenized deposits plug into these flows, because that’s where banks
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