Woofun AI reports that the Bank for International Settlements stated in its "2026 Annual Economic Report" that current stablecoins fail to meet monetary standards regarding singularity, resilience, interoperability, and integrity. The institution characterized their operational model as closer to ETFs than payment tools.

The BIS estimated that even with a market value expansion to between $1 trillion and $3 trillion, the net effect on economic output would remain slightly negative, while exacerbating banks' financing pressures and weakening credit capacity. The report warned of "stablecoin dollarization" risks in emerging economies, which could erode monetary sovereignty. It proposed constructing a "unified ledger" using central bank currencies as a benchmark, encompassing tokenized reserves and commercial bank currencies, citing Project Agora as a feasibility proof.