According to CoinMeta, Wu said that in response to the view expressed by the head of the Bank for International Settlements (BIS) that "stablecoins lack credibility in large-scale payments and that tokenized bank deposits are more preferable," BIS issued a statement refuting this claim. Wu pointed out that stablecoins are backed by 100% reserves provided by highly liquid assets such as U.S. Treasury bonds, whereas tokenized bank deposits are essentially uninsured "oral commitments" with only about 10% in liquid assets as reserves. He believes that the core concern of the BIS is that stablecoins are exposing the "new clothes of the emperor" in traditional finance. When users gradually realize that fully reserved stablecoins are safer than deposit products under the partial reserve system and shift their savings to higher-quality asset classes, the traditional financial system will face a huge impact.