According to Bloomberg: Adrian Orr, the Governor of the Central Bank in New Zealand, has issued a stern critique of cryptocurrencies, particularly stablecoins. Speaking in front of a parliamentary committee in Wellington, Orr labeled stablecoins as "the biggest misnomers" and "oxymorons," disputing their stability and role as a substitute for fiat money.
"Stablecoins are not stable. They're only as good as the balance sheet of the person offering that stablecoin,” Orr asserted, indicating a heavy reliance on the financial health of the issuer.