Banks Push Stablecoin Development Amid BIS General Manager’s Skepticism

By Michael FawnGlobal financial institutions are accelerating their stablecoin development, even as the Bank for International Settlements (BIS) expresses significant reservations about their utility and potential risks. This divergence in strategy came into sharp focus on August 28, 2026, when BIS General Manager Pablo Hernández de Cos publicly questioned stablecoins at the Jackson Hole Economic Symposium.De Cos argued that a framework centered on tokenized deposits appears far more prom