BIS Says the Real Stablecoin Risk Is Compliance Integration, Not Just Depegging

The Bank for International Settlements (BIS) argues that the main risk of stablecoins should not be reduced to depegging alone. In its latest report, BIS highlights a broader concern: whether stablecoins can operate within a financial system that is identifiable, monitorable, and accountable. The report points to several compliance vulnerabilities, including on-chain anonymity, unclear customer identification, and insufficient clarity around transaction purpose. According to BIS, these issues can limit the ability of regulators and financial intermediaries to trace flows, assess counterparties, and enforce standards consistently. The report also stresses that future financial innovation should embed compliance capabilities directly into technical infrastructure rather than treating them as an external overlay. In this framing, the long-term viability of stablecoins depends not only on maintaining price stability, but also on meeting the requirements of financial integrity and systemic safety.