BIS bulletin argues interest bans hit lower-risk stablecoin yield model

A Bank for International Settlements bulletin published in June 2026 identifies two structurally different remuneration models for stablecoins on centralised exchanges and argues that current regulatory prohibitions may be targeting the wrong one. The analysis distinguishes reserve-based remuneration, where yield comes from the issuer’s own reserve earnings, from exchange-based models that may involve rehypothecation or lending of customer holdings.

The taxonomy arrives as interest prohibitions already in force in the European Union and now under consideration in the United States take aim primarily at reserve-based structures. The BIS paper suggests that model presents less balance-sheet risk to holders than exchange-driven yield programmes, raising the question whether the regulatory focus aligns with the underlying credit and liquidity exposures.

For operators structuring tokenised deposit or money-market products, the framing sharpens the line between issuer liability and intermediary credit risk. It also signals that future consultation rounds may revisit whether a blanket interest ban captures the substantive danger or simply the most visible label.