Former BIS Chief Softens Stance, Backs Stablecoin-Fiat Coexistence

The Bank for International Settlements, often called the “central bank for central banks,” was formerly led by Agustín Carstens, a longtime critic of crypto assets. In January 2022, he questioned whether stablecoins could qualify as “sound money,” and in June 2025 he again warned about their liquidity risks. His change in stance could therefore influence the global regulatory debate.

Speaking at the Point Zero Forum on June 23, 2026, Carstens said stablecoins could promote financial innovation and inclusion while reducing costs, and argued that they should coexist with fiat currencies. He called for a globally coordinated framework and a level regulatory playing field. The U.S. GENIUS Act, which took effect in July 2025, already requires issuers to maintain 100% reserves in high-quality liquid assets such as cash or short-term U.S. Treasuries.