BIS Chief Questions Scalability and Credibility of Stablecoins for Payments

Bank for International Settlements (BIS) official Pablo Hernández de Cos stated that stablecoins currently lack the necessary credibility to function as a reliable medium for large-scale payments. A recent study by the Financial Stability Institute (FSI) further underscores significant inconsistencies in the regulatory frameworks governing stablecoin issuers across different jurisdictions.