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Stablecoins Under Fire from BIS | Bitcoin and Crypto News
Description
Pablo Hernández de Cos, head of the Bank for International Settlements, is sounding the alarm on stablecoins, calling them unreliable for large-scale payments and advocating instead for tokenized bank deposits to keep finance stable. As global regulators scramble to create consistent rules, a new BIS study reveals a patchwork of regulations across major markets—from strict U.S. and Singapore limits on non-bank issuers to more flexible EU and Hong Kong frameworks. While stablecoins could theoretically cut government borrowing costs, they also risk squeezing consumers and businesses by forcing banks to raise loan rates if people shift funds away. Plus, interoperability gaps and uneven anti-money laundering enforcement add to the risks. The BIS is watching closely as this digital currency race unfolds.
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