The Basel-based institution said that private digital tokens fall short of the requirements for sound money and urged policymakers to accelerate work on tokenized forms of central bank and commercial bank money. The Bank for International Settlements (BIS) warned that the rapid expansion of stablecoins risks fragmenting the global monetary system and weakening sovereign monetary control, urging central banks and the financial industry to accelerate the development of tokenized forms of central bank and commercial bank money as a safer alternative.