[BIS General Manager: Stablecoins Lack Large-Scale Credible Payment Capability, Tokenized Deposits Have More Advantages] According to Reuters, Pablo Hernandez de Cos, General Manager of the Bank for International Settlements (BIS), stated at the Jackson Hole Global Central Bank Annual Meeting that stablecoins lack the capability to serve as a large-scale credible means of payment, while tokenized deposits offer greater advantages in leveraging new technologies. De Cos highlighted several issues with stablecoins: they may lead to higher bank financing costs and higher interest rates for ordinary borrowers; undermine the 'singleness' of money; platforms lack genuine interoperability; anti-money laundering controls are difficult to implement consistently; and the widespread use of USD stablecoins could erode monetary sovereignty in non-U.S. jurisdictions. Previously, U.S. Treasury Secretary Bessent expressed support for stablecoins, stating that they 'could strengthen the U.S. dollar's reserve currency status and create demand for trillions of dollars in U.S. Treasury bonds.'