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Stablecoins not a credible means of payment at scale, BIS chief says. 29 Aug 2026 12:59AM Add CNA as a trusted source to help Google better understand and surface our content in search results. JACKSON HOLE, Wyoming, Aug 28: Stablecoins do not credibly function as a means of payment at scale and tokenized deposits offer a more compelling case to harness the benefits of this new technology, said the chief of the Bank for International Settlements, a central bank umbrella group. Stablecoins are a type of crypto asset designed to maintain a stable value. Their growing popularity has fuelled concerns about financial stability and money laundering among key officials, particularly outside the United States. However, U.S. Treasury Secretary Scott Bessent has supported stablecoins, calling them a digital revolution that could help cement the dollar's position as the world's top reserve currency and create demand for trillions of dollars' worth of Treasuries. Addressing the U.S. Federal Reserve's Jackson Hole Economic Policy Symposium in Wyoming, Pablo Hernandez de Cos, general manager of the BIS, said the two instruments could coexist. But he argued that tokenized deposits should account for the bulk of day-to-day payments and stablecoins should serve more specialised roles. De Cos, a candidate to replace European Central Bank President Christine Lagarde next year, listed a slew of issues with stablecoins. He said they could indeed lower sovereign borrowing costs, as Bessent has argued. But bank funding costs could rise as funds are channelled away from lenders and ordinary borrowers may end up paying higher rates, de Cos said. Stablecoins also break the "singleness" of money since customers cannot jump between products without selling and buying at a cost, he said. Stablecoin platforms are also not genuinely interoperable and they raise money-laundering questions since controls are difficult to apply consistently, de Cos said. "The growing adoption of dollar-pegged stablecoins has also raised concerns in some jurisdictions about monetary sovereignty and the potential for digital dollarization," he said. If ordinary borrowers outside the U.S. pile into dollar-based stablecoins, such a move could erode monetary sovereignty, weaken domestic monetary policy transmission and tie local conditions more closely to external policy stances, de Cos said. "Tokenised deposits offer a more direct path to harness tokenisation while preserving the monetary system's foundations," de Cos said. Still, even tokenized deposits need to solve issues about interoperability, governance and legal hurdles, including on settlement, he said.

Tech rally powers markets higher as Nvidia (NVDA), Salesforce, and CrowdStrike deliver Strong earnings. Key takeaways. Table of Contents * Nvidia shares climbed more than 7% following an earnings beat and optimistic AI demand outlook through next year * Strong quarterly reports from Salesforce and CrowdStrike propelled software and technology stocks higher * The Nasdaq Composite advanced 1.3%, S&P 500 climbed 0.7%, while Dow Jones remained relatively flat * Reports indicate Nvidia reached an agreement to purchase AI platform Hugging Face for $12.9 billion * Market participants now focus on Federal Reserve Chair Kevin Warsh's Friday remarks at Jackson Hole Shares of Nvidia climbed over 7% Thursday following the chip manufacturer's impressive quarterly earnings report that exceeded analyst expectations and provided an upbeat forecast for artificial intelligence demand. The results eased concerns about potential deceleration in the company's momentum. The impressive earnings announcement created positive momentum throughout the technology sector. Marvell Technology experienced gains following its own financial results, while the iShares Semiconductor ETF resumed its upward trajectory after an extended period of sideways movement. Salesforce stock rocketed more than 21% following its quarterly earnings disclosure. The surge provided momentum for software equities overall, pushing the iShares Expanded Tech-Software Sector ETF toward its mid-August peak. CrowdStrike delivered robust quarterly results as well, with shares advancing over 18%. The cybersecurity firm contributed to Thursday's optimistic sentiment within the technology sector. Overall market performance. The Nasdaq Composite climbed 1.3% driven by technology sector strength. The S&P 500 advanced approximately 0.7%, while the Dow Jones Industrial Average registered a modest 0.4% gain, underperforming the tech-focused benchmarks. Outside the technology sphere, market activity appeared relatively muted. Market participants are anticipating Federal Reserve Chair Kevin Warsh's upcoming address at Friday's Jackson Hole Symposium. Treasury yields have stabilized following last week's sharp increase. Market observers continue monitoring bond market dynamics closely while attempting to interpret potential Fed interest rate policy direction. Initial jobless claims for the week registered 203,000, declining from the previous week's figure. This data was interpreted as encouraging news for employment conditions ahead of the Jackson Hole gathering. Nvidia's reported Hugging Face acquisition and AI strategy. Late Wednesday, news surfaced that Nvidia reached an agreement to purchase Hugging Face, an open-source artificial intelligence model platform, for $12.9 billion. The transaction awaits official confirmation. During the company's earnings conference call, Nvidia CEO Jensen Huang discussed the firm's artificial intelligence investment approach. He expressed that his sole regret involved not committing greater resources to AI laboratories at an earlier stage. Discount retail sector highlights. Dollar General and Dollar Tree each delivered quarterly earnings that surpassed analyst projections. Both discount chains indicated they've successfully drawn higher-income consumers, contributing to improved financial performance. Despite exceeding expectations, the retailers' stocks moved in opposite directions. The divergence stemmed from contrasting forward guidance rather than historical results. Technical analyst Frank Cappelleri highlighted software stocks as Thursday's standout performers. He observed that the software ETF maintained support levels following June's decline and achieved an upside breakout. The semiconductor ETF similarly resumed its rally pattern. Should Warsh's Friday remarks indicate stable interest rate policy, markets may experience sustained momentum heading into the following week. Limited Time Offer Get 3 free stock ebooks. Discover top-performing stocks in AI, Crypto, and Technology with expert analysis. * Top 10 AI Stocks - Leading AI companies * Top 10 Crypto Stocks - Blockchain leaders * Top 10 Tech Stocks - Tech giants

Fed, NASA and DOJ among victims of Chinese state-sponsored hacker group: Court documents. 3 hours ago 46 The Federal Reserve, the U.S. Senate, the Department of Justice, NASA and other federal agencies were victims of computer intrusions by a Chinese state-sponsored hacking group, the DOJ said Wednesday morning as it announced the court-ordered seizure of internet domains used for hacking platforms. The hacking platforms, known as "QScan" and "QTRouter," were "used to target U.S. critical infrastructure and other sensitive networks," the DOJ said in a statement. "Other targeted networks include those operated by hospitals, telecommunications providers, power companies, financial institutions, and defense contractors," a court filing said. Other federal agencies that were victims of computer intrusion by the platforms were the Energy Department, the Health and Human Services Department and the National Institutes of Health, according to the DOJ. The Justice Department did not detail the damage to the agencies or other targets from the computer intrusions. A Chinese state-sponsored group known as "QTFY" created and operated the hacking platforms, according to court documents unsealed in U.S. District Court for the Southern District of California. QTFY was employed by Nanjing Xinjiuwei Network Technology Co., a China-based company, according to filings. QTFY's paying customers include the People's Republic of China's Ministry of State Security and the People's Liberation Army, the DOJ said. The department said that the seized internet domains were hard-coded into both the QScan and QTRouter malware. The seizures made the QScan and QTRouter inoperable, according to the DOJ. Attorney General Todd Blanche, in a statement Wednesday, said: "State-sponsored malicious hackers preying on America's critical infrastructure will be stopped and prosecuted. We are here to ensure security for the American people and will use every tool we have to keep that promise." "Federal law enforcement investigated and disabled the PRC's malicious software, the latest in a series of technical operations to dismantle indiscriminate hacking activities sponsored by the People's Republic of China," Blanche said. CNBC has requested comment from the Chinese Embassy in Washington, D.C. The announcement of the seizure of domains used for the hacking comes more than a month after John Harold Rogers, a former senior advisor to the Federal Reserve Board of Governors, was sentenced to 38 months in prison for making false statements to federal investigators about sharing restricted information about monetary policy and the Federal Open Market Committee with Chinese intelligence operatives. Rogers was acquitted at trial of the more serious charge of conspiracy to commit economic espionage. * Homepage * Politics * Fed, NASA and DOJ among victims of Chinese state-sponsored hacker group: Court documents.