BIS Chief Says Stablecoins Not Credible for Payments at Scale
De Cos said stablecoins face interoperability and money-laundering risks, while tokenized deposits can better support everyday payments.
- Addressing the Jackson Hole Economic Policy Symposium on Friday, August 28, Pablo Hernandez de Cos, general manager of the Bank for International Settlements , argued that tokenized deposits are superior to stablecoins for everyday payments.
- Stablecoins, designed to maintain stable values, have fueled concerns regarding financial stability and money laundering, particularly in jurisdictions outside the United States, de Cos noted.
- De Cos criticized stablecoins for breaking the "singleness" of money, lacking genuine interoperability, and making money-laundering controls difficult to apply consistently across platforms.
- Treasury Secretary Scott Bessent has supported stablecoins, arguing they could cement the dollar's position as the world's top reserve currency and drive demand for United States Treasuries.
- Although tokenized deposits offer a direct path to harness innovation while preserving monetary foundations, the technology must still overcome challenges in interoperability, governance, and legal settlement.
20 Articles
20 Articles
Cointelegraph
The New York LedgerBIS Chief Says Stablecoins Not Credible for Payments at Scale
BIS chief Pablo Hernández de Cos said stablecoins lack credibility for payments at scale, while a new FSI study highlights sharp differences in issuer rules.
Stablecoins not a credible means of payment at scale, BIS chief says
The Bank for International Settlements (BIS) has questioned the ability of stablecoins to become the foundation of the global payments system, warning of risks to bank funding and monetary sovereignty. The post BIS rejects stablecoins as a basis for mass payments appeared first on CryptoDnes.bg.
BIS General Manager Says Tokenized Deposits Beat Stablecoins for Digital Payments
Tokenized deposits are more likely than stablecoins to perform the role of money, Bank for International Settlements General Manager Pablo Hernández de Cos said Friday (Aug. 28). In a speech delivered at the Jackson Hole Economic Symposium, hosted by the Federal Reserve Bank of Kansas City, de Cos said that while both technologies use tokenization, they have important differences in terms of the monetary system. In terms of singleness, or the ab…
Stablecoins Face New BIS Warning Over Large-Scale Payment Use
The BIS is questioning whether stablecoins can become a reliable form of money as regulators introduce new rules for the sector. BIS General Manager Pablo Hernández de Cos instead pointed to tokenized bank deposits as a way to bring blockchain benefits into finance while preserving the existing monetary system.
The stablecoins are not a credible means of payment on a large scale, decided Friday Pablo Hernández de Cos, boss of the BIS. In front of Jackson Hole's symposium on 28 August, he preferred to them the tokenized deposits of the banks. The day before, his institute published a study that covered very unequal rules of issue according to the markets. The article The BIS finds the stablecoins unbelievable for large-scale payments appeared first on C…
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