In their latest analysis, Bob and Amy examine the Bank for International Settlements’ (BIS) evolving vision for the future of the financial system, with a particular focus on the comparison between stablecoins and a tokenised unified ledger. While stablecoins enjoy growing popularity, the BIS argues that they fall short of the essential qualities of sound money—namely, singleness, elasticity, and integrity. As a result, stablecoins may only play a limited, subordinate role in the long term unless subject to strict regulatory frameworks.
By contrast, the BIS strongly supports the development of a tokenised unified ledger that integrates central bank money, commercial bank deposits, and government securities. This "monetary trilogy", the BIS contends, offers a more secure, efficient, and future-ready infrastructure for the global financial system. Initiatives like Project Agorá illustrate the BIS’s proactive stance in shaping a tokenised ecosystem rooted in time-tested monetary principles.
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