According to reports from Wu, the Bank for International Settlements (BIS) pointed out in its annual report that fiat-backed stablecoins failed to pass the three key tests required for building the future monetary system: singularity, resilience, and integrity. The BIS believes that while stablecoins have technical advantages such as programmability, anonymity, and fast cross-border payment speeds, their issuance structure limits expansion capacity, settlement standards are inconsistent, and anti-money laundering and compliance enforcement is not uniform, which may undermine national currency sovereignty and jeopardize the integrity of the financial system.