The Bank for International Settlements (BIS) has warned that crypto exchanges are acting as “shadow banks,” raising concerns over systemic risks without regulatory safeguards. The market for stablecoins depegging before 2027 sits at 3% YES.

The BIS report could lead traders to question the stability of the crypto ecosystem, especially with the FTX collapse still recent history. The stablecoin depeg market is priced at 3% YES, a measured response from traders. The odds have increased, driven by concerns over unregulated crypto financial activities.

The price of Bitcoin remains unaffected by the report, with its April 25 market at 99.9% YES. Traders are not pricing in immediate fallout from the BIS warning on…