🏦 The BIS just challenged one of crypto’s biggest narratives. BIS chief Pablo Hernández de Cos says stablecoins are not a credible means of payment at scale, arguing that tokenized bank deposits offer a stronger path for the future of digital money. But here’s the bigger question: If tokenized deposits become the preferred infrastructure, does that make stablecoins a niche product — or just the first step toward a fully tokenized financial system? The battle for the future of money is getting serious. 👀
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