BIS 警告：USDT、USDC 是 ETF 不是現金，擠兌恐傳染銀行體系

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BIS General Manager Pablo Hernández de Cos issued a warning at a seminar in Tokyo on Monday: The current architecture of USD-pegged stablecoins like USDT and USDC is closer to ETFs than to true cash-like currency. Once large-scale redemptions occur, the sell-off of reserve assets will pose contagion risks to the banking system. BIS pointed out that these stablecoins suffer from primary market redemption fees, occasional de-pegging in secondary markets, and money laundering concerns that are difficult to control on public blockchains, failing to meet the standards for widely used payment instruments. BIS called on regulatory authorities worldwide to strengthen global coordination. Meanwhile, the central banks of France, the Eurozone, the UK, and Switzerland have also expressed their stances, shifting from a wait-and-see approach to substantive regulation of stablecoins. (Previous coverage: On-chain Bretton Woods: Stablecoins Reshaping the Global Monetary Landscape) (Background: BIS P2P Payment Report: The Tug-of-War Between Tokenized Securities and CBDCs) Stablecoins are no longer just an internal issue within the crypto circle. In April 2026, BIS General Manager Pablo Hernández de Cos raised his most direct challenge yet to the current architecture of USDT and USDC at a Tokyo seminar hosted by the Bank of Japan: These two largest USD-pegged stablecoins in the world are fundamentally not "cash," but are closer to "ETFs"—and ETFs are prone to bank runs. He emphasized that if these USD-denominated stablecoins continue to grow and reach a scale capable of competing with traditional currencies, they will have "material consequences" for financial stability and the monetary policies of various countries. BIS General Manager Pablo Hernández de Cos delivering a speech at the Tokyo seminar. Photo: CoinTelegraph Hernández de Cos's judgment is based on three core characteristics: First, primary market redemptions are subject to fees or conditions, meaning holders cannot exchange them back for USD at par value at any time like a withdrawal; second, secondary markets (i.e., exchanges) occasionally experience de-pegging, where the price does not always maintain $1; third, issuers hold short-term government bonds and bank deposits as reserves, making the structure of stablecoins highly similar to money market funds. His conclusion is that these characteristics make stablecoins a source of instability rather than a solution during stress scenarios. The stress transmission path described by BIS is quite straightforward: Once market panic sets in and a large number of holders redeem stablecoins simultaneously, issuers will be forced to sell off reserve assets (including US Treasury bills and bank deposits). If the sell-off occurs when the market is already under pressure, it will further depress asset prices; meanwhile, large-scale withdrawals of bank deposits will also impact bank liquidity. This mechanism is not fundamentally different from the logic behind the 2023 Silicon Valley Bank run—only the trigger has been replaced by an on-chain stablecoin redemption wave. Hernández de Cos specifically pointed out that even though USDT and USDC possess advantages in cross-border rapid transfers and smart contract integration, the current arrangements still do not meet the standards expected of a "widely used payment instrument." In addition to systemic risk, BIS also highlighted money laundering loopholes brought about by public permissionless blockchains and non-custodial wallets. Hernández de Cos noted that most on-chain activity for these stablecoins operates outside the traditional AML/CTF (Anti-Money Laundering/Counter-Terrorist Financing) control framework. Unless specific safeguards are set at on/off-ramps, these tools will continue to be easily exploited for illicit use. In other words, as long as users can conduct on-chain operations without ever touching a regulated exchange, the gaze of regulatory authorities will never be able to keep up with the flow of funds. The warning from BIS is not an isolated voice. During the same period, the European regulatory system has also been accelerating the tightening of its stance on stablecoins. First Deputy Governor of the Bank of France, Denis Beau, called earlier this month for the EU not to stop at the existing MiCA provisions, but to further restrict the use of non-EUR-denominated stablecoins in daily payments and tighten rules for issuing the same token within and outside the EU—aiming to reduce the space for regulatory arbitrage during periods of stress. This directly targets the application scenarios of USDT and USDC within the EU. The European Central Bank (ECB) has approached the issue from a structural perspective, comparing EUR-denominated stablecoins with tokenized money market funds, pointing out that both perform liquidity transformation and face the risk of runs, yet operate under systems with vastly different standards for transparency, liquidity management, and regulation. The UK's attitude is more direct. In March of this year, the UK House of Lords questioned Coinbase on stablecoin issues, with core questions including: whether stablecoins would drain commercial bank deposits

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ID：10826c0278

來源：動區 BlockTempo

發佈：2026-04-20 08:42:27

分類：bearish · 導出分類 bearish

標的：USDT, USDC

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