The Governor of the Bank of England opposes banks issuing stablecoins and advocates the development of digital deposits

Odaily News Andrew Bailey, governor of the Bank of England, expressed opposition to large banks issuing their own stablecoins, arguing that digital bank deposits (tokenized deposits) should be prioritized to avoid capital outflows from the banking system and weakening credit capacity. He warned that stablecoins could trigger risks such as bank runs and money laundering, and his position conflicts with the Trump administration's support for dollar-anchored stablecoins. (Bloomberg)