The Bank for International Settlements (BIS) has issued a critical warning regarding the explosive growth of the stablecoin market. According to the Basel-based institution, this rapid expansion could lead to fragmentation within the global monetary system and diminish a country’s control over its monetary policy. BIS advocates for the financial industry to expedite the development of tokenized forms of both central bank and commercial bank money. These tokenized forms are viewed as a safer and more sustainable alternative to the burgeoning stablecoin market.