Tether CEO Rips BIS Over Tokenized Deposit Push

The Bank for International Settlements (BIS) has recently pushed for tokenized bank deposits as a more stable alternative to stablecoins. However, Tether CEO Paolo Ardoino is not convinced, calling this idea 'the emperor without clothes.'

Ardoino criticized the BIS's stance, saying that stablecoins like $USDT are fully backed by U.S. Treasuries, while tokenized deposits are usually only 10% collateralized by liquid assets.

The debate over the superiority of stablecoins versus tokenized bank deposits has reached a fever pitch, with Ardoino pointing out that there are economies heavily relying on $USDT for both internal and foreign commerce.