Agustín Carstens, former general manager of the Bank for International Settlements (BIS), praised stablecoins for promoting financial inclusion and innovation during a speech at the Point Zero Forum. He expressed the importance of creating conditions for coexistence between fiat money and stablecoins.
Carstens previously criticized stablecoins, questioning their viability as "sound money" due to potential liquidity risks. Despite his newfound support, current BIS officials remain wary of stablecoin's integration into the financial system.
He emphasized the need for global regulation to enhance trust in stablecoin issuers, stating cooperative efforts are crucial for a successful global ecosystem. Carstens noted that stablecoins offer benefits but require robust regulatory frameworks to flourish.
With existing regulations like the GENIUS Act in the US and the MiCA in the EU focusing on reserves and issuer requirements, the pathway for stablecoins is clearer but still needs international cooperation to achieve widespread adoption.
