Read Learning to Live with Crypto: Supervisory Dilemmas in a Dollarised Tokenised World.
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In my view tokenised deposits will render stablecoins redundant in the long term. This is as long as there is linkage between jurisdictions. The fact that tokenised deposits sit within each banks deposit guarantee scheme is a major advantage over stablecoins. Equally, as explained in the article, stablecoins are effectively islands linked by insecure bridges. They do not operate as one payment ecosystem. This single ecosystem is possible via BIS.