Tether CEO contradicts BIS's idea of stability and says it's safer

According to U.S., in response to the statement by the head of the Bank for International Settlements (BIS) that “stabilized currency lacks credibility in scalable payments and is more supportive of monetized bank deposits”, Tether CEO Paolo Ardoino countered by writing that the monetized currency is a 100 per cent full reserve support tool for highly liquid assets such as United States debt, whereas bank deposits in monetized bank are essentially uninsured “verbal promises” and usually have only about 10 per cent of the current asset reserves. In his view, the heart of the concerns of the BIS lies in the fact that the currency of stability is exposing the traditional financial “the Emperor's new coat” and that the traditional financial system will face a major shock as users become aware that full reserves are safer than deposit products under a partial reserve system and transfer savings to better-quality asset classes。