According to online reports, the Bank for International Settlements (BIS) stated in its latest annual report that stablecoins are not qualified to become the core of the monetary system and have failed to pass the three key tests of "unity, flexibility and integrity." The report pointed out that stablecoins may weaken the integrity of the financial system and national monetary sovereignty, and even bring the risk of "implicit dollarization". Although it has certain advantages in cross-border payments and technical efficiency, it still has problems such as weak compliance and concentration of issuers. BIS is also optimistic about the prospects of "tokenization" of central bank reserves, commercial bank currencies and traditional assets, believing that this will lay the foundation for the next generation of financial systems. After the report was released, USDC issuer Circle's share price fell more than 15% on the day.