7Institutional TransitionNewJun 27, 2026
BIS Research Frames Stablecoins as Sovereign T-Bill Market Risk
BIS research characterized stablecoins as a risk embedded within sovereign T-bill markets, framing large-scale stablecoin issuance backed by US Treasury bills as a potential policy concern for central banks. USDT's market capitalization surpassed Ethereum at approximately $191.5 billion according to CoinGecko data. Bloomberg Intelligence separately warned that Tether could surpass Bitcoin in market capitalization while forecasting a potential Bitcoin price decline to $10,000.
Story timeline · 2 days
- Jun 29, 20268BIS Annual Report Warns Stablecoins Lack Monetary Properties and Risk EM Sovereignty; Coinbase Rebuts
BIS annual report formally published with stablecoin critique on singleness, elasticity, and integrity; Coinbase issued a formal rebuttal to the BIS findings today.
- Jun 27, 20267· this storyBIS Research Frames Stablecoins as Sovereign T-Bill Market Risk
Sources · 4
- Stablecoins are becoming a central bank problem hiding in T-bill marketscryptoslate.com · T2
- USDT overtook Ethereum in fully diluted valuation to reach $191.5 billion, according to CoinGeckoen.coin-turk.com · T2
- Tether's USDT Closes In on Ether for No. 2 Crypto Spot by Market Capthedefiant.io · T2
- Bloomberg Intelligence warned Tether could surpass Bitcoin, sees Bitcoin falling to $10,000en.coin-turk.com · T2