Here’s what happened in crypto today

Today in crypto, one of the most prominent crypto critics has softened his stance.

Agustín Carstens, former general manager of the Bank for International Settlements, called for stablecoins and fiat currencies to coexist. Elsewhere, the US Senate passed a housing bill containing a CBDC ban, while Franklin Templeton launched a dedicated crypto unit.

Former BIS chief softens stance on stablecoins

Carstens, a member of the Global Finance & Technology Network's international advisory board, praised stablecoins for their ability to promote financial inclusion and innovation.

“I have come to appreciate what stablecoins can do to promote financial innovation, inclusion and to reduce costs,” said Carstens during a welcome address at Point Zero Forum on Tuesday. “We should try to establish conditions where we can live with fiat money and stablecoins.”

Agustín Carstens during a livestreamed welcome address at the Point Zero Forum. Source: Point Zero Forum

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.

In one of his final speeches as BIS general manager in June 2025, Carstens also warned that stablecoins could emerge as a source of liquidity risk and still fell short of the three key tests money must fulfill to serve society.

While Carstens has taken a more favorable view of stablecoins, current BIS officials have remained critical of their role in the broader financial system.

Carstens' successor and current BIS general manager, Pablo Hernández de Cos, said in April that the stablecoin market remains "small" and that its structural features constrain its ability to function as money.

Senate passes housing bill with CBDC ban until 2030

The US Senate on Monday voted 85-5 to pass a bipartisan housing affordability bill that includes a ban on the Federal Reserve creating a central bank digital currency (CBDC) until 2030, which is expected to be quickly passed by the House.

It comes after House and Senate leaders reached a deal last week to move forward with the 21st Century Road to Housing Act, which aims to increase the housing supply, but has included a CBDC ban since a version of it passed the Senate in March.

It outlines that the Fed may not, directly or indirectly, “issue or create a central bank digital currency or any digital asset that is substantially similar to a central bank digital currency,” but makes a carve-out for stablecoins. After the CBDC ban lifts in 2030, the Fed can’t act on a CBDC without explicit congressional authorization.

The bill will now be sent to the House for a vote, where it is expected to pass quickly with the deal struck by House leaders last week, before it's then sent to the president to sign it into law.

Franklin Templeton expands crypto business with new investment division

Franklin Templeton has finalized its acquisition of crypto asset manager 250 Digital, creating a new business unit, Franklin Crypto, to strengthen its digital asset offerings.

The unit will be led by former 250 Digital executives Christopher Perkins and Seth Ginns, along with Franklin Templeton digital assets executive Tony Pecore. It will include 250 Digital’s investment team and crypto strategies.

The move is part of Franklin Templeton's broader push into digital assets and blockchain-based finance. In recent months, the asset manager partnered with Binance to enable tokenized money market funds as collateral for crypto trading and worked with Ondo Finance to expand access to tokenized ETFs on blockchain networks. The company has also proposed Bitcoin-linked ETF strategies that reinvest stock dividends.

Franklin Templeton has also become a major player in the market for tokenized real-world assets. Its tokenized asset portfolio has grown from about $768 million to more than $2.5 billion over the past year.

Franklin Templeton's tokenized financial assets. Source: RWA.xyz