Morning Edition · Saturday, June 27, 2026
Stablecoins Are Becoming a Central Bank Concern Inside Treasury Markets
Research from the Bank for International Settlements places private dollar tokens closer to sovereign funding than the payments debate suggests.
The conversation about stablecoins has largely treated them as a payments story. New research from the Bank for International Settlements (BIS) reframes them as a funding-market story, arguing that private dollar tokens now sit close enough…
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Stablecoins Enter Monetary Policy
As dollar-token supply scales into the hundreds of billions and concentrates in Treasury bills, stablecoin issuance and redemption become a recurring factor in short-term funding and government-debt markets that central banks can no longer treat as peripheral.
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