BIS Latest Update: Stablecoins, Private Credit And Tokenisation

August 2025

Stablecoin growth – policy challenges and approaches

Stablecoins' growth and ties to traditional finance raise policy challenges and potential risks of spillovers.

Tokenised bonds

Despite their early stage, tokenised bonds have lower bid-ask spreads than conventional bonds and comparable issuance costs.

Retail investors in private credit

Private credit seeks greater retail investor participation, but this may erode the benefits that make it an attractive asset class.

A changing global financial system

Gaston Gelos explains what the increasing footprint of non-banks and rising sovereign debt mean for the global financial system.

Stability amid uncertainty

Frank Smets says trade disruptions and policy uncertainty cloud the global economic outlook, making sound public finances and price stability critical for sustainable growth.

Quantum-readiness for the financial system

Quantum-readiness for the financial system: a roadmap.

Project Leap

Project Leap is helping the financial system prepare for the migration to quantum-safe environments.

More BIS publications

Basel Committee paper: Banks' interconnections with non-bank financial intermediaries
The Basel Committee highlights the interconnections and associated risk between banks and non-bank financial intermediaries.

BIS Bulletin: Navigating global headwinds: Africa's trade landscape and growth opportunities
Africa needs to strengthen regional trade ties and embrace digital solutions to overcome global headwinds and unlock growth opportunities.

FSI Insights: Public support for bank resolution
Bank resolution should use well-defined public support to enhance financial stability and contain social costs.

Upcoming

15 August: Announcement of finalists in the G20 Techsprint 2025, Trust and integrity in scalable and open finance
25–26 August: General Manager Pablo Hernández de Cos gives a keynote address and Deputy General Manager Andréa M Maechler moderates a panel at The future of central banking, a conference marking the 100th anniversary of the Banco de Mexico
By 28 August: Residential property prices released