The Bank for International Settlements (BIS) and other central banks have issued a warning that a run on stablecoins could lead to significant sell-offs in U.S. Treasury markets, reminiscent of the 2008 financial crisis. The report underscores the rapid expansion of the stablecoin market, now valued at $310 billion, and highlights risks associated with its concentration. It references the 2023 USDC de-peg and the impact of geopolitical tensions on crypto markets. Federal Reserve Governor Stephen Miller, however, downplayed these concerns, suggesting that stablecoins represent a mature financial innovation and that large-scale bank runs are improbable due to their lack of yield and absence of FDIC insurance. Meanwhile, Coinbase's chief policy officer, Faryar Shirzad, defended stablecoins, asserting they are safer than traditional banks because they are backed by low-risk, highly liquid government bonds.