During the Jackson Hole Symposium on August 28, Agustín Carstens, General Manager of the Bank for International Settlements (BIS), criticized current stablecoins as unreliable for large-scale payment methods. He suggested that 'tokenized deposits'—bank deposits converted into digital tokens—hold more promise as a future digital payment infrastructure. In his speech, Carstens compared stablecoins and tokenized deposits from the perspective of the characteristics required of currencies. He stated that stablecoins fail to meet the following three essential criteria: lack of uniformity, variability in brands (e.g., USDT and USD Coin), and regulatory compliance issues.
