Stablecoins: Tether Challenges the BIS’s Vision of Tokenized Deposits

Stablecoins are at the heart of a debate on digital currency. Paolo Ardoino, CEO of Tether, contrasts their model with tokenized bank deposits. According to him, these two forms of money do not rely on the same guarantees. He believes that reserves in U.S. Treasury bonds offer more solid coverage. This position responds to criticism from the Bank for International Settlements, which advocates tokenized deposits. The debate concerns the reserves…