They noted that existing tokens do not meet the criteria of money, including deviations from fixed values on secondary markets. Additionally, the redemption of stablecoins is fraught with difficulties. The BIS asserts that these tokens resemble exchange-traded fund shares more than a means of payment. In the BIS model for the United States in the medium term, the impact of stablecoins on production volume showed a weak negative effect. Higher bank financing costs and a weakening of lending outweighed the fiscal opportunities created by the demand for stablecoins to repay government debt. This effect remained insignificant even when, according to the authors' forecasts, the capitalization of stablecoins reaches $1 trillion and $3 trillion.