Stablecoins can drive financial innovation, inclusion, and cost reduction. This was stated by former General Manager of the Bank for International Settlements (BIS) Agustin Carstens at the Point Zero Forum in Zurich, according to Cointelegraph.
"We should strive to create conditions where we can coexist with fiat money and stablecoins," Carstens said.
He also emphasized that international coordination among regulators is necessary for the global interaction of "stablecoins" with world currencies, which he believes is currently lacking.
This statement marks a significant softening of Carstens' previous stance. During his tenure at BIS, he was one of the most vocal critics of private digital currencies. In January 2022, he warned that stablecoins might not be reliable money, as their issuers have incentives to invest reserves in riskier assets. In June 2025, Carstens stated that such assets fail to meet three key tests of money: unity, elasticity, and protection of the monetary system from illegal activities.
However, Carstens' new rhetoric does not imply unconditional support for stablecoins. He no longer leads BIS and does not speak on behalf of the organization. His position is that stablecoins can coexist with fiat only under agreed-upon regulations.
BIS maintains a stricter approach. On June 23, the organization published a chapter from the Annual Economic Report 2026 on digital money and tokenization. It states that while stablecoins exhibit some advantages of tokenization, they do not fulfill the fundamental properties of trusted money and may pose risks to financial stability, bank funding, and monetary sovereignty.
The organization supports tokenization within a regulated banking system, relying on central bank money, bank deposits, regulated intermediaries, and clear legal frameworks. BIS views stablecoins as private assets dependent on reserves, issuer rules, and transaction infrastructure.
Carstens' rhetoric has shifted amid the development of stablecoin regulations in the U.S. and EU. The U.S. has the GENIUS Act, while the EU has MiCA. However, for cross-border use of stablecoins, according to the former BIS chief, national regulations are insufficient, and coordination between jurisdictions is necessary.
Notably, in October 2025, one of the founders of Tether, Rive Collins, suggested that in five years, all currencies might be represented as "stablecoins." According to the expert, stablecoins will become the primary tool for conducting transactions.
In March 2026, analysts at Jefferies urged preparations for a potential outflow of deposits from traditional banks as the capitalization of the stablecoin sector is expected to reach $1.15 trillion in the next five years.