• The BIS says stablecoins risk fragmenting the global financial system.
• Officials warn dollar-backed tokens could weaken monetary sovereignty.
• The institution is promoting Project Agorá as an alternative framework.
The Bank for International Settlements (BIS) has intensified its criticism of private stablecoins, warning they could fragment the global monetary system and create new risks for financial stability. In the 2026 Annual Economic Report, the institution argues that privately issued digital currencies cannot deliver the core characteristics of sovereign money and instead promotes a unified tokenized payment infrastructure built around central banks and regulated commercial banks.
BIS Questions Stablecoins’ Ability to Function as Money
The Basel-based institution argues that stablecoins fail to satisfy one of the fundamental characteristics of modern monetary systems: the “singleness of money.”
Under today’s financial system, one unit of sovereign currency m

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