Stablecoins not a credible means of payment at scale, BIS chief says

JACKSON HOLE, Wyoming, Aug 28 : Stablecoins do not credibly function as a means of payment at scale and tokenized deposits offer a more compelling case to harness the benefits of this new technology, said the chief of the Bank for International Settlements, a central bank umbrella group.Stablecoins are a type of crypto asset designed to maintain a stable value. Their growing popularity has fuelled concerns about financial stability and money laundering among key officials, particularly outside the United States.However, U.S. Treasury Secretary Scott Bessent has supported stablecoins, calling them a digital revolution that could help cement the dollar's position as the world's top reserve currency and create demand for trillions of dollars' worth of Treasuries.Addressing the U.S. Federal Re