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06/23 15:02

Former BIS chief softens stance on stablecoins, ba

#World Cup Predictions: 100,000 USDT Daily Former BIS chief softens stance on stablecoins, backs coexistence with fiat Agustín Carstens, former general manager of the Bank for International Settlements (BIS) and a member of the Global Finance & Technology Network's international advisory board, praised stablecoins for their ability to promote financial inclusion and innovation. “I have come to appreciate what stablecoins can do to promote financial innovation, inclusion and to reduce costs,” said Carstens during a welcome address at Point Zero Forum on Tuesday. “We should try to establish conditions where we can live with fiat money and stablecoins.” The remarks reflected a softer stance on stablecoins than Carstens took during his time at the BIS, when he was among the most prominent crypto critics. In a January 2022 speech, he said that stablecoins may not function as “sound money” because issuers have incentives to invest reserve assets in a “risky manner” to generate returns. In one of his final speeches as BIS general manager in June 2025, Carstens also warned that stablecoins could emerge as a source of liquidity risk and still fell short of the three key tests money must fulfill to serve society. Agustín Carstens during a livestreamed welcome address at the Point Zero Forum. Source: Point Zero Forum While Carstens has taken a more favorable view of stablecoins, current BIS officials have remained critical of their role in the broader financial system. Carstens’ successor and current BIS general manager, Pablo Hernández de Cos, said in April that the stablecoin market remains “small” and that its structural features constrain its ability to function as money. The BIS reiterated that view in a preview released Tuesday ahead of its Annual Economic Report 2026, arguing that current stablecoin designs fall short of key properties that underpin trust in money and warning that widespread adoption could create challenges for financial stability, bank funding an

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