He International Payment Bank (BIS) He ignited the crypto ecosystem alarms after publishing his Annual Economic Report 2025in which he assures that the stablecoins They do not meet the fundamental requirements to be considered money. The reaction was immediate: the actions of Circle (CRCL)issuing company USDCthey fell a 15%down $299 a $222 In a single day.
According to the report, Stablecoins fail to overcome three key tests that define the functionality of money within a modern financial system: unit (singleness), flexibility (elasticity) e Integrity (Integrity).
The bis affirms that the stablecoins behave more like Digital financial assets than real money, being backed by private companies and not by central banks. This means that they are not accepted “a valor nominal”Without additional verification, which undermines the principle of monetary unit.
Likewise, the agency emphasizes that these stable currencies lack elasticitythat is, they cannot effectively respond to economic shocks or liquidity needs. Any expansion of your supply depends on the total prepaid by the user, which converts them into systems “strictly cash -based”.
As for the integritythe report launches its most overwhelming criticism: the use of stablecoins in non -managed portfolios and public blockchain networks makes them vulnerable to Illicit activities such as money laundering, evasion of sanctions and terrorist financing.
“Stablecoins have significant weaknesses in terms of integrity of the monetary system,” The bis affirms.
The regulatory coup had direct impact on the market. In a context of sustained growth of the stablecoins, the BIS declaration generates uncertainty about the regulatory future of these assets.
From the crypto ecosystem, the reaction was swift. Dylan Grice y Jim Walkerrenowned analysts, they described the bis as “Hysterical in its opposition to cryptocurrencies”And they criticized the idea that only the support of a central bank confers legitimacy to money. “That should make fun of mockery, considering the historical failures of those institutions”Walker said.
Paradoxically, the bis closes its report positively assessing the Tokenizationdescribing it as a “Transforming innovation”That could complement the traditional financial system. Unlike stablcoins, tokenization is seen as a useful tool to modernize current systems without replacing them.
