Bank of International Settlements: Stablecoins fail to pass the "three key tests" and it is difficult to become the main body of the future monetary system

According to Foresight News, according to The Block, the Bank for International Settlements (BIS) released a report saying that stablecoins failed to pass the "three key tests" that are necessary to make it the backbone of the monetary system, including uniqueness, flexibility and integrity. "What role will innovations such as stablecoins play in the future monetary system remains to be seen, but stablecoins do not perform well in three ideal monetary characteristics, so it is difficult to become the main body of the future monetary system." But at the same time, it said that stablecoins do have some advantages, such as programmability, anonymity and ease of access. Furthermore, their "technical attributes mean they may offer lower costs and faster transaction speeds", especially in cross-border payments.

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