President of the Bank for International Settlements: Stablecoins are not a reliable means of payment

The President of the Bank for International Settlements (BIS) said that stablecoins cannot be used as a reliable means of payment in large-scale application scenarios, and believes that tokenized deposits have stronger advantages in using this technology.

The two tools can coexist, Pablo Hernandez de Cos said at the Fed's Jackson Hole Economic Policy Symposium in Wyoming. He believes that tokenized deposits should handle most daily payment functions, while stablecoins are better suited for specific professional uses.