Stablecoins like USDT and USDC have already become an important part of the crypto market.
But now another question is arising more and more often:
which digital money will be used in the future — stablecoins or bank deposits on the blockchain?
And on August 28, this dispute reached a new level.
📅 August 28 — what BIS said
The Bank for International Settlements (BIS) Executive Director Pablo Hernández de Cos spoke at a conference in Jackson Hole.
He said that stablecoins are not a reliable means of payment across the entire economy.
The reason is simple: with widespread use of stablecoins, problems could arise with financial stability, the interoperability of different systems, control over illegal transactions, and countries’ monetary sovereignty.
But it’s important:
BIS does not say that USDT or USDC should be banned.
In de Cos’s view, stablecoins can be used for specific tasks.
But for ordinary everyday payments, he considers tokenized bank deposits to be a better fit.
💰 What is that?
If you put it very simply:
a regular bank deposit → moved onto the blockchain → becomes easier to use in the digital financial system.
In other words, the bank remains a bank, but its money gains blockchain advantages—for example, the ability to settle faster and to use programmable transactions.
🇺🇸 But the United States looks at stablecoins differently
On the same day, U.S. Treasury Secretary Scott Bessent spoke in favor of stablecoins.
The U.S. position is that stablecoins can increase the use of the dollar worldwide and create additional demand for U.S. government bonds.
So here’s an interesting contradiction:
BIS: for mass payments, tokenized bank deposits are better.
The U.S.: stablecoins could strengthen the dollar’s role.
🇪🇺 And Europe wants to go on-chain
On August 28, Isabelle Schnabel, a member of the ECB’s Executive Board, also spoke at Jackson Hole.
Her position is:
central banks themselves need to use blockchain more actively.
Schnabel believes that central banks should move their operations to an on-chain environment in order to preserve the important role of central bank money in the future financial system.
The ECB is already working on projects Pontes and Appia related to tokenization and blockchain infrastructure.
🧠 What does all this mean?
It seems the debate is no longer about whether blockchain is needed at all.
Central banks are thinking more and more about how to use it in the financial system.
The main question is different now:
who will issue digital money, and what role will stablecoins have in this system?
USDT and USDC?
Tokenized bank deposits?
Central bank digital money?
Perhaps in the future all three options will be used.
But one thing is already becoming clear:
the traditional financial system is gradually adopting crypto market technologies.
And the next big battle might be happening not between banks and crypto, but within the digital financial system itself.
💬 What do you think will ultimately become the foundation of digital payments—stablecoins or tokenized bank money?
⚠️ Disclaimer: The information is provided for informational purposes only. Always verify current data yourself using official sources.
