Agustín Carstens, former general manager of the Bank for International Settlements, has notably softened his once-hardline stance on stablecoins. Speaking at the Point Zero Forum, Carstens said stablecoins can promote financial inclusion and innovation while reducing costs.
“I have come to appreciate what stablecoins can do to promote financial innovation, inclusion and to reduce costs,” Carstens said. “We should try to establish conditions where we can live with fiat money and stablecoins.”
The remarks mark a dramatic shift from his time at the BIS. In a January 2022 speech, he argued stablecoins may not function as “sound money” because issuers have incentives to invest reserves in a “risky manner.” In one of his final speeches as BIS chief in June 2025, he warned stablecoins could become a source of liquidity risk.
His successor, Pablo Hernández de Cos, remains more critical. In April, he said the stablecoin market is still “small” and its structural features constrain its ability to function as money. The BIS reiterated that view in a preview of its Annual Economic Report 2026, warning that widespread stablecoin adoption could create challenges for financial stability.
Carstens’ evolution reflects a broader tension in global finance: stablecoins are growing harder to dismiss, even for their loudest critics.
