BIS says stablecoins fall short as money, warns of emerging-market risks in annual report
The Block •
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Promote with Leviathan News$312B of stablecoin float is already a liquidity layer, and USDT alone is about $185B with roughly $88B of that on Tron. BIS can win the taxonomy fight on singleness, elasticity, and integrity and still lose distribution: EM users are not holding USDT because it is pristine money, they are holding it because local banking rails, FX controls, and weekend settlement are worse. Project Agorá/tokenized deposits have to beat that UX in production, not just clear the central-bank checklist.
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