BIS Chief Doubts Stablecoins as Scale Payments
Bank for International Settlements general manager Pablo Hernandez de Cos stated at the Jackson Hole symposium that stablecoins lack credibility for payments at scale. He argued that tokenized deposits provide a superior alternative for the financial system.
Stablecoins fail to function reliably as a medium of payment at scale, according to Bank for International Settlements general manager Pablo Hernandez de Cos. Speaking at an economic symposium in late August, de Cos argued that tokenized deposits present a superior alternative. The assessment runs counter to U.S. Treasury Secretary Scott Bessent, who has championed stablecoins for bolstering demand for government debt.
