Stablecoins may use new technology, but they perform the same core functions as traditional banking — issuing redeemable liabilities, processing payments, and managing settlement risk — making them closer to narrow banks than to a genuinely new financial category. This blog from the Deputy Governor of the Central Bank of Chile argues that effective regulation must follow economic function rather than interface design, and that SupTech tools like real-time monitoring and algorithmic stress tests are essential for closing the supervisory gap.