BIS chief says stablecoins are not ready for payments at scale

The remarks were also reported by Reuters, which said de Cos expects the two instruments to coexist but sees tokenized deposits accounting for most day-to-day payments. The comments are policy guidance from the BIS general manager, not a new rule or a finding that existing stablecoin payments have stopped.

The BIS case against stablecoins as money

The BIS speech says stablecoins can lose the singleness of money because users may need to sell one token and buy another before making a payment, with the exchange potentially occurring away from par. It also points to fragmented public blockchains and the difficulty of applying anti-money-laundering controls consistently across self-custodied wallets.

The institution's argument is about design and institutional backing, not whether a token can move quickly. The speech acknowledges that stablecoins can support programmable and around-the-clock transfers, but says those features do not by themselves supply central-bank settlement, consistent redemption or interoperable payment finality.

A preferred role for tokenized deposits

De Cos said tokenized deposits should carry the bulk of everyday payments and wholesale settlement inside a prudential framework anchored in central bank money. Stablecoins could remain useful in specialized roles, such as decentralized lending, or be treated explicitly as investment products with conduct and disclosure requirements.

The speech does not settle the policy debate. It identifies a direction for central banks and regulators: preserve par settlement, improve interoperability and integrity, and monitor whether widespread stablecoin adoption raises bank funding costs, dollarization risks or financial-stability concerns.