BIS Newsletter: Price Stability, Stablecoins And Global Pensions Sector

Strengthening foundations for the future

Pablo Hernández de Cos says urgent action across all policy domains is a must to preserve macroeconomic and financial stability in this challenging environment.

Anchoring trust in money: innovation beyond stablecoins

Digital innovation is transforming finance. It creates opportunities, but also poses challenges and raises the question on how to preserve trust in money.

Annual Report 2025/2026

The report introduces the BIS’s new strategy and shows how the BIS has supported stakeholders throughout the year.

Anchoring trust in a digital era – tokenisation, stablecoins and the two tier system

Frank Smets and Gaston Gelos discuss how digital innovation can be harnessed to modernise the financial system, as long as trust in money is preserved.

Public debt near record highs

High public debt creates risks for the economy and financial stability, underscoring the need to set public finances on a sustainable path.

Cyber insurance

Cyber vulnerabilities are increasing, including from frontier AI, yet a gap in cyber insurance protection persists.

Stablecoin yields

Centralised exchanges pay stablecoin holders differently, with possibly varied macro-financial implications if stablecoins become widely used.

More BIS publications

BIS Paper: Pensions and debt
Globally, pension funds are shifting from bonds to riskier assets, with potential concerns for financial stability.

Quarterly Review: New measures of FX settlement risk
Most currency trades are settled in ways that avoid or minimise settlement risk, but more work is needed to mitigate risks.

Quarterly Review: Recalibrating lending operations
Central banks have begun to recalibrate their lending operations to bolster market resilience given shifts in the demand for liquidity.

Upcoming

1 July: Frank Smets and Gaston Gelos speak at the SUERF webinar on "Navigating economic shifts: the AI boom, public debt, and financial market risks". Register here.
By 31 July: Statistical release: BIS international banking statistics and global liquidity indicators at end-March 2026.