Bank of England Governor warns: Stablecoins threaten public trust in money

Odaily News Andrew Bailey, governor of the Bank of England, warned that the rise of stablecoins could undermine public trust in money as experts warned of the threat posed by the mass adoption of cryptocurrencies backed by the U.S. dollar. In a speech released Thursday, Bailey said central banks need to "keep a close eye" on innovations in the payment sector to prevent them from introducing new vulnerabilities into the monetary system. (Bloomberg)