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BIS Criticism: The "Three Tests" Failure

Published 6/29/2026, 2:11:43 PM

The Bank for International Settlements (BIS) has issued significant criticism of stablecoins, but this has not deterred BlackRock from deepening its integration with Ethena’s USDe ecosystem. While the BIS argues that stablecoins fail fundamental monetary tests, BlackRock has moved to "institutionalize" these assets by wrapping them in compliant infrastructure like the BUIDL fund and the Aladdin platform.

BIS Criticism: The "Three Tests" Failure

In its Annual Economic Report 2025, the BIS concluded that stablecoins are unsuitable as a mainstay for the monetary system because they fail three core criteria [Source: https://www.bis.org/publ/arpdf/ar2025e3.htm]:

  • Singleness (FAIL): Stablecoins rarely maintain a 1:1 peg consistently. Top-tier fiat-backed stablecoins like USDT show a mean par deviation of 0.05%, with spikes up to 0.80%.
  • Elasticity (FAIL): Unlike central bank money, stablecoins cannot expand their balance sheets to provide liquidity during systemic stress, imposing "cash-in-advance" constraints.
  • Integrity (WARNING): The BIS raised concerns regarding financial crime and the lack of issuer oversight for tokens in circulation.

BlackRock’s Counter-Trend Adoption

Despite these warnings, BlackRock has significantly expanded its support for Ethena (USDe) as of June 2026:

Market Performance and Adoption Headwinds

While BlackRock’s institutional support remains strong, USDe faces significant market-driven challenges that may be more impactful than BIS rhetoric.

MetricValue (June 2026)Context
USDe Circulating Supply~$4.5 BillionDown ~70% from Oct 2025 peak of $14B [Source: https://x.com/SherifDefi/status/1782741950]
sUSDe Yield~3.5% APYCompressed from historical highs of 30%
BUIDL AUM$2.4 - $2.9 BillionServes as the reserve layer for USDtb
ENA Token Price~$0.0075Down ~93% from its All-Time High

Conclusion

BIS criticism is unlikely to slow BlackRock’s adoption of USDe in the short term, as the firm is actively mitigating regulatory risks by integrating these assets into its own compliant frameworks (BUIDL and Aladdin). However, the 70% decline in USDe supply and the compression of yields to 3.5% suggest that market demand and the loss of "yield-seeking" utility are currently greater threats to adoption than international regulatory commentary.