Despite BIS' stablecoin warnings, policymakers move forward in fight for global currency domination

On June 24, the Switzerland-based Bank for International Settlements (BIS) sounded a stark warning for policymakers pushing forward with the adoption of stablecoins — the asset-backed cryptocurrencies fall short of being money and they could pose risks to financial stability if allowed to grow. However, 2025 has been a watershed year of sorts for stablecoins, which are essentially private cryptocurrencies linked to an actual asset, usually the US dollar. Days earlier, on June 17, the US Senate passed the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act). A week prior to that, the Digital Asset Basic Act…