[Tether CEO Refutes BIS Criticism, Claims Stablecoins Are Fully Backed by Reserve Assets, Tokenized Deposits Lack Support] In response to criticism from the Bank for International Settlements (BIS) General Manager, who argued that stablecoins lack the capability for large-scale reliable payments and that tokenized deposits are more advantageous, Tether CEO Paolo Ardoino stated: Stablecoins are tools that are 100% backed by liquid assets (such as government bonds); whereas tokenized bank deposits are supported merely by verbal promises and uninsured bank deposits (which typically have only 10% liquid asset reserves). He pointed out that what BIS is truly concerned about is that stablecoins are "exposing the emperor's new clothes." Why would people put their savings into fractional reserve products instead of fully reserved stablecoins? If the public realizes that stablecoins are safer and begins transferring their savings, what will happen to the financial system? Ardoino concluded: "We are at the stage of 'the truth coming to light.'