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Odaily News: Stablecoin issuer Tether CEO Paolo Ardoino stated that stablecoins are a more credible form of money than tokenized bank deposits, as the former is almost fully backed by U.S. Treasuries, while the latter typically has only 10% liquid asset backing.Pablo Hernandez de Cos, General Manager of the Bank for International Settlements (BIS), said stablecoins raise concerns regarding redemption capacity, supply, interoperability, and their potential to facilitate criminal activity, adding that tokenized bank deposits represent a more direct path to preserving the foundations of the monetary system while leveraging tokenization.Ardoino noted that USDT's market capitalization has surpassed $183 billion and is used in some emerging markets for domestic and cross-border commerce. In discussions surrounding the CLARITY Act, banks have expressed concerns that allowing crypto exchanges to offer incentives on stablecoins could trigger deposit outflows. (Bitcoin.com News)
Pablo Hernandez de Cos, General Manager of the Bank for International Settlements (BIS), stated that global coordination on stablecoin regulation is critical to preventing severe market fragmentation; otherwise, regulatory divergences across jurisdictions could trigger regulatory arbitrage. He noted that stablecoins are typically pegged 1:1 to the U.S. dollar and may undermine monetary and fiscal policy, exert stress on financial markets, and hinder efforts to combat illicit financing. Currently, the two largest stablecoins—issued by Tether and Circle—account for approximately 85% of the global $315 billion stablecoin circulating supply. He also remarked that these stablecoins resemble securities more than money—particularly in terms of redemption frictions—and operate more like ETFs.