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The head of the BIS, the central bank for central banks, Pablo Hernández de Cos said Friday that stablecoins, in their current form, aren't a credible means of payment at scale, and that tokenized bank deposits are the better path. A perfectly reasonable thing to say when your shareholders are central banks and the alternative keeps deposits inside the banking system.

LATEST: 🏦 A BIS-led project with 40+ financial institutions found tokenized central bank reserves and deposits could significantly cut settlement times and costs in cross-border payments.

The central banks' central bank says stablecoins still aren't real money The BIS (@BIS_org) has used its flagship annual report to deliver a blunt verdict: stablecoins in their current form fail the basic tests of money. They break from their peg, carry redemption frictions, and behave more like ETF shares than a means of payment, the report argues. It goes further on risk. The BIS says stablecoins account for a significant share of illicit on-chain activity and warns of "stablecoin dollarisation," where dollar-pegged coins flood emerging economies and erode local monetary control. Today 99.4% of fiat-backed stablecoins track the dollar. The BIS wants central banks to build their own tokenized rails instead, its long-running answer to private stablecoins.

LATEST: 🇺🇸 Former CFTC Chair Timothy Massad says the US is quietly exploring CBDC infrastructure through the BIS's Project Agora despite a public pledge to ban a digital dollar.

LATEST: The Bank for International Settlements publishes a paper using the XRP Ledger as a proof-of-concept for verifying official statistics on-chain. The BIS cites XRPL's low fees, 3-5 second settlement and proven track record, though no adoption decision has been made.