According to CoinMeta, Tether CEO Paolo Ardoino responded to the International Settlement Bank of BIS's criticisms of stablecoins by stating that stablecoins are fully backed by liquid assets, whereas tokenized bank deposits are only supported by bank commitments and lack deposit insurance protection. He believes that BIS is concerned that stablecoins reveal the essence of certain reserve systems in the traditional financial system, and if the public becomes aware that stablecoins are safer and decides to transfer their savings to them, the financial system will face challenges.