Banks move stablecoin plans forward as BIS questions their role

BIS Chief Slams Stablecoins as Unfit for Large-Scale Payment Systems

Pablo Hernández de Cos doesn’t mince words. The head of the Bank for International Settlements said Friday that stablecoins simply… Read the original on BIS Chief Calls Stablecoins Unfit for Payments, Advocates Tokenized Deposits Instead. For more crypto news and analysis, visit TheCurrencyAnalytics.com.

At Jackson Hole, the BIS Head Said Stablecoins Fail Every Test of Money. Banks Are Building Them Anyway.

At the Jackson Hole Economic Policy Symposium on August 28, Bank for International Settlements General Manager Agustín Carstens delivered a keynote that amounted to a formal rejection of stablecoins as a viable payments instrument. Speaking just hours after Federal Reserve Chair Kevin Warsh conspicuously avoided mentioning digital assets entirely, Carstens used a three-test framework

BIS Chief Says Stablecoins Still Not Ready for Scaled Payments

The Bank for International Settlements (BIS) is renewing its warnings about stablecoins, arguing that many of the tokens marketed as “everyday money” still lack credibility for payments at scale. Speaking ahead of a potential leadership transition at the BIS—where General Manager Pablo Hernández de Cos is a candidate to succeed European Central Bank President Christine Lagarde—he framed tokenized bank deposits as a more dependable route to bring…

Banks move stablecoin plans forward as BIS questions their role

Despite the opinion expressed by the head of the Bank for International Settlements (BIS) that stablecoins do not qualify as money on a large scale, the largest banks in the world are shifting financial settlement and regular transactions to publicly accessible blockchains. Addressing the Jackson Hole Economic Symposium on August 28, BIS general manager Pablo...