According to CoinMeta, the General Manager of the Bank for International Settlements (BIS), Pablo Hern, stated at the Jackson Hole Global Central Banks Annual Meeting that stablecoins cannot become a credible means of large-scale payment, and tokenized deposits represent a more attractive option utilizing tokenization technology. The two can coexist, but tokenized deposits should handle most of the daily payments, while stablecoins should be used in specific scenarios. De Cos pointed out that stablecoins may reduce government financing costs by increasing demand for U.S. Treasury bonds, but the flow of funds from bank deposits to stablecoins could also raise bank financing costs and interest rates for ordinary borrowers. In addition, stablecoins face issues such as insufficient interoperability and difficulties in uniformly implementing anti-money laundering measures. The widespread adoption of dollar-based stablecoins in some jurisdictions could weaken monetary sovereignty and the effectiveness of national monetary policies. Tokenized deposits also need to overcome obstacles related to interoperability, governance, and legal frameworks.