Crypto
Stablecoins Not Yet Ready for Everyday Payments: BIS
The Bank for International Settlements (BIS) has expressed concerns about stablecoins' readiness for everyday payments. According to BIS General Manager Pablo Hernández de Cos, stablecoins lack interoperability and inconsistent anti-money-laundering controls.
De Cos highlighted that tokenized bank deposits offer a more direct route to digital payments while preserving existing monetary foundations. However, he acknowledged that these deposits face challenges involving interoperability, governance, legal frameworks, and settlement.
The BIS position does not rule out a future role for stablecoins, but de Cos emphasized the need for issuers to improve redeemability, cross-chain interoperability, and integrity controls.