BIS Chief Says Stablecoins Are Not a Credible Payment Tool at Scale, Favors Tokenized Deposits

Pablo Hernandez de Cos, General Manager of the Bank for International Settlements (BIS), said in comments reported by Reuters and carried by Donya e Eqtesad on Sunday, 8 Shahrivar 1405 (30 August 2026), that stablecoins cannot serve as a reliable payment tool at scale and that tokenized deposits should carry the bulk of everyday payments instead. He said stablecoins and tokenized deposits can coexist, but stablecoins should be limited mostly to specialized uses. De Cos warned that growing use of dollar linked stablecoins in some countries could weaken those countries' monetary sovereignty and reduce the pass through of domestic monetary policy. His remarks contrast with the position of US Treasury Secretary Scott Bessent, who has backed stablecoins as a tool to reinforce the dollar's reserve status.