The Bank for International Settlements (BIS) spelled doom for stablecoins in its latest report.
BIS, the international financial institution and global banking regulator that includes 63 central banks in total, made noteworthy statements about stablecoins in a research report it recently shared. Senior Economist, who made statements based on the report Anneke Kosse It did not paint a bright picture for stablecoins.
In the said report 68 different stablecoins The institution, which closely examines these stablecoins, is constantly dollar cannot maintain its stability revealed. Kosse emphasized that these assets have significant technological benefits, but they are in serious need of regulation.
Stating that stablecoins have failed to act in accordance with their purposes, BIS stated that such assets It will not be a safe store of value He concluded.
The research report also notes that stablecoin companies can provide investors with the ability to redeem their stablecoins at any time they want. There is no guarantee that they will be able to repay place was given.
BIS believes that stablecoins in circulation today should be included in the global economy under these conditions. may cause serious problems argued:
We studied 68 stablecoins and found that none of them were able to consistently maintain dollar peg. We also believe that there is no guarantee that stablecoin issuers will be able to return users’ stablecoins in full and upon request. For these reasons, we conclude that stablecoins in circulation today do not meet the basic criteria necessary to be a safe store of value and a reliable means of payment in the real economy. Introducing stablecoins into the economy under these conditions may create problems such as financial instability.
In the past period Tether (USDT) Serious FUD allegations have been made against many stablecoin companies, including. Terra’s UST Leaving aside bad examples such as stablecoins, stablecoins have not caused serious problems for the cryptocurrency ecosystem so far.
Tether’s new CEO Paolo Ardoino In his statement at a recent event, Tether stronger than many banks and that billions of dollars of payments are made to users per day in FUD environments. They can do it without any problems reminded.