According to Wu, the Bank for International Settlements (BIS) pointed out in its annual report that stablecoins anchored to fiat currencies failed to pass the three key tests required to build a future monetary system: unity, resilience and integrity. BIS believes that although stablecoins have technical advantages such as programmability, anonymity and fast cross-border payment speed, their issuance structure limits their expansion capabilities, and their inconsistent settlement standards and anti-money laundering and compliance enforcement may weaken national monetary sovereignty and endanger the integrity of the financial system.