England central banker says global stablecoin rules will ‘wrestle’ with US
Cointelegraph
Bank of England Governor Andrew Bailey expects international friction with the US over establishing global regulatory standards for dollar-backed stablecoins.Summary
Bank of England Governor Andrew Bailey, who chairs the Financial Stability Board, warns that creating a global regulatory framework for stablecoins will involve a significant 'wrestle' with the US administration. Because most stablecoins are pegged to the US dollar and backed by US assets, Bailey is concerned about their potential to threaten financial stability and their convertibility during market stress. While the US currently promotes a more permissive framework to attract the crypto industry, international regulators fear these assets could pose systemic risks and complicate cross-border payments, potentially impacting other nations if stablecoin runs occur.
(Source：Cointelegraph)