BIS chief Pablo Hernández de Cos said stablecoins cannot credibly support payments at scale today.Tokenized deposits preserve settlement in central bank money, making them preferable for payments, de Cos.Five major jurisdictions differ over which entities may issue stablecoins and conduct additional financial activities.U.S. rules require payment stablecoins to maintain one-for-one reserves using cash and eligible short-term assets.Stablecoin issuers’ Treasury purchases could lower government borrowing costs while increasing banks’ marginal funding expenses.