At Jackson Hole, the BIS Head Said Stablecoins Fail Every Test of Money. Banks Are Building Them Anyway.
At the Jackson Hole Economic Policy Symposium on August 28, Bank for International Settlements General Manager Agustín Carstens delivered a keynote that amounted to a formal rejection of stablecoins as a viable payments instrument. Speaking just hours after Federal Reserve Chair Kevin Warsh conspicuously avoided mentioning digital assets entirely, Carstens used a three-test framework —…