BIS General Manager States Stablecoins Are Unsuitable for Large-Scale Payments

On August 28, at the Jackson Hole Symposium, Pablo Hernández de Cos, General Manager of the Bank for International Settlements (BIS), criticized current stablecoins as unreliable for large-scale payment systems. He suggested that 'tokenized deposits'—bank deposits converted into digital tokens—hold more promise as a future digital payment infrastructure. During his speech, de Cos compared stablecoins and tokenized deposits from the perspective of characteristics required for currencies. He stated that stablecoins fail to meet the following three essential criteria: lack of uniformity, different brands (e.g., USDT and USD...)