UK Central Bank Governor: Stablecoin Regulation May Trigger a Game Between US and International Regulators

Odaily Planet Daily News: Andrew Bailey, Governor of the Bank of England, stated at a financial imbalances conference that if stablecoins hope to become a significant component of the global payment system, international unified regulatory standards need to be established, which could lead to a direct confrontation with the Trump administration.

He also expressed concerns about the liquidity risks of some US stablecoins, stating that certain products cannot be directly redeemed for US dollars in crisis situations and must go through crypto exchanges. In the event of a stablecoin bank run, funds could flow into jurisdictions like the UK that have mandatory convertibility obligations. Andrew Bailey currently also serves as the chair of the Financial Stability Board (FSB) and has long maintained a cautious stance towards cryptocurrencies. (Reuters)