Apparently the BIS is a huge fan of the Genius Act! Why do I say that?
Well, at Jackson hole, the head of the BIS, De Cos, basically called out the problems with stablecoins as:
1 - Singleness (e.g. par redeemability)
2 - Interoperability
3 - Financial Integrity
What is fascinating about this is that the entire critique only applies to pre-Genius stablecoins!
Perhaps that is why he is making it now?
Under Genius, redemption is guaranteed, there are interoperability standards, and the financial integrity is stronger, not weaker, than that of fractional reserve banks relying on an insurance fund that can barely cover a single percentage point of outstanding deposits, if that.
Many of the past issues with "stablecoins" are real, but Congress just slammed the door in their face and now rules are almost final. In fact, if you look at the NYDFS regime, much of which parallels what is in Genius, there have been zero peg stability problems with the stablecoins and no reserve issues in the history of regulated stablecoins in NY, which includes the third largest stablecoin to have existed ($BUSD).
De Cos seems to have implied, perhaps inadvertently, that Genius stablecoins are a better, not worse, form of money than traditional bank deposits with his critique!
Funny how that works.