Stablecoins receive endorsement from former BIS chief Agustín Carstens during his welcome address at the Point Zero Forum on Tuesday, marking a notable shift in his public stance toward the crypto‑linked assets.
Carstens' Evolving View on Stablecoins
Carstens, who previously led the Bank for International Settlements and sits on the Global Finance & Technology Network’s advisory board, said stablecoins can boost financial inclusion, spur innovation, and lower transaction costs. He emphasized the need for a framework that allows fiat money and stablecoins to coexist without friction. His remarks contrast sharply with a January 2022 speech where he warned that issuers might invest reserves recklessly, jeopardizing the “sound money” premise.
Implications for the Stablecoin Market
In his final BIS address in June 2025, Carstens cautioned that stablecoins could introduce liquidity risks and fail the three fundamental tests of money. Despite his softened tone, the current BIS leadership remains skeptical; Pablo Hernández de Cos, the incumbent general manager, described the stablecoin market as “small” in an April statement. Investors are closely watching how this nuanced endorsement may influence blockchain adoption, market pricing around the typical $1 peg, and broader crypto regulatory discussions.