Dollar stablecoins risk behaving like fragile investment funds at the heart of the financial system, the Bank for International Settlements (BIS) has warned, calling for tighter global coordination on regulation before the market grows large enough to rival traditional money. BIS General Manager Pablo Hernández de Cos said US dollar‑denominated tokens could have “material consequences” for financial stability and economic policy if their use expands beyond today’s crypto‑trading niche. De Cos drew a direct comparison between the largest dollar stablecoins and exchange‑traded funds (ETFs), pointing to fees and ... (full story)