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28 September 2021

Stablecoins, DeFi "Will Challenge" Traditional Banks: BIS

Stablecoins, DeFi "Will Challenge" Traditional Banks: BIS


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The head of the Bank for International Settlments’ innovation hub has stated that “global stablecoins, DeFi platforms, and big tech firms will challenge banks’ models” in a speech delivered at the Eurofi Financial Forum. .

Benoit Coeuré, head of the innovation hub at the Bank for International Settlements (BIS), has warned central banks that they must act quickly in response to the rise of cryptocurrencies and decentralized finance. .

In the speech, Coeuré called on central banks to step up their efforts to develop central bank digital currencies (CBDCs) in the face of competition from stablecoins and decentralized finance platforms. 

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