The Bank for International Settlements used its Annual Economic Report 2026, published Sunday, to argue that stablecoins still fall short of money on singleness, elasticity, interoperability, and integrity.The report estimated that even at $1 trillion to $3 trillion in market value, wider adoption would have only a modest net effect on output while straining bank funding and credit.It again pitched a tokenized “unified ledger” anchored in central bank money as the safer path, and warned of “stablecoin dollarization” in emerging economies.