Former BIS chief says stablecoins can coexist with fiat under clear rules

Former Bank for International Settlements general manager Agustín Carstens said stablecoins can contribute to financial inclusion and innovation, while stressing that global regulatory frameworks are needed for them to coexist with fiat money.

The remarks matter because they point to a more constructive view of stablecoins from a prominent former central banking official. For crypto companies and policymakers, that framing suggests stablecoins may be seen less as a replacement for traditional money and more as a parallel payment and settlement tool if oversight standards are put in place.

Carstens’ comments also reflect the broader policy debate around how digital assets should fit within existing financial systems. Stablecoins are often discussed in connection with payments, cross-border transfers and market infrastructure, but their growth has continued to raise questions about supervision, reserve backing and legal treatment.

By backing coexistence rather than opposition, Carstens indicated that stablecoins and fiat money could operate side by side under the right rules. The position underscores how regulatory clarity remains central to the sector’s path forward.

The comments do not change policy on their own, but they add to the conversation among regulators, financial institutions and crypto firms about how stablecoins should be governed.