Maintenance in progress

the bank for international settlements released a major annual report and accompanying working paper arguing that stablecoins and digital finance pose macro-financial challenges to the trust infrastructure underlying money itself. the BIS framed the core question not as a technical one but as a governance one: how to preserve trust in money in the digital age. this framing from the central bank of central banks — treating stablecoins as a systemic trust problem rather than a niche product — marks a notable shift in institutional register.

international monetary institution, basel