Former BIS general manager Agustín Carstens said stablecoins can enhance financial inclusion and innovation but stressed the need for global regulatory frameworks to enable coexistence with fiat money. The remarks reflected a softer stance on stablecoins than Carstens took during his time at the BIS, when he was among the most prominent crypto critics. In a January 2022 speech, he said that stablecoins may not function as “sound money” because issuers have incentives to invest reserve assets in a “risky manner” to generate returns.