Bank of England chief says global stablecoin rules will ‘wrestle’ with US

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Andrew Bailey at a press conference in February after a meeting of the Bank of England’s Monetary Policy Committee on interest rates. Source: YouTube Bailey added that he was concerned some stablecoins could not be readily converted to cash without the use of a crypto exchange, which could limit their convertibility in changing market conditions. He said if stablecoins are widely used for cross-border payments, then the US dollar tokens that are hard to convert could flow to other countries, like the UK, which is planning to have strong laws around converting stablecoins. “We know what would happen if there was a run on a stablecoin; they’d all turn up here,” Bailey said. Related: US Senator questions Mark Zuckerberg on Meta’s stablecoin plans US banking groups have raised similar concerns about stablecoins with Congress and have pushed for a Senate crypto market structure bill to include a ban on third-party platforms, such as crypto exchanges, offering yield payments on stablecoins. Crypto and banking groups failed to come to an agreement on the ban after months of negotiations, and the latest version of the bill, released earlier this month, prohibits stablecoin rewards on idle balances while allowing crypto platforms to “offer other forms of customer rewards.” The Senate Banking Committee, which indefinitely postponed a vote on advancing the bill in January, has scheduled a markup of the bill on Thursday. Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026 More on the subject

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