BIS chief: Stablecoins not credible for payments at scale

This is a notable signal from the top tier of global central banking, directly challenging the narrative that stablecoins are ready for mainstream payment infrastructure. The emphasis on cross-jurisdictional regulatory divergence points to a key structural hurdle: without harmonized rules, scalability and trust remain fragmented. For market participants, the takeaway is that institutional adoption may hinge less on technology and more on whether global standard-setters can converge on issuer oversight. Whether this pressure accelerates coordinated regulation or simply slows stablecoin integration is the open question.