Bank for International Settlements: Rapid expansion of stablecoins poses new policy challenges to regulators

PANews reported on July 12 that according to Bloomberg, the Bank for International Settlements (BIS) warned that the rapid expansion of stablecoins (digital tokens usually pegged to fiat currencies) is posing new policy challenges to financial authorities and may threaten the monetary sovereignty of major markets. The Bank for International Settlements said in an announcement that the growth in the circulation of stablecoins and their integration with traditional finance require stricter regulatory scrutiny. The announcement pointed out that since 2023, the overall market value of stablecoins has doubled to approximately US$255 billion, of which more than 90% is concentrated in two tokens pegged to the US dollar.