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According to Bloomberg, Bank of England Governor Andrew Bailey said he opposes major banks issuing their own stablecoins, favoring tokenized deposits to preserve lending capacity. He warned that stablecoins pose risks of bank runs and money laundering. https://t.co/SsCLtKRW8l
The governor of the Bank of England has warned the world’s largest investment banks against issuing their own stablecoins, putting him on a collision course with the Trump administration’s backing of crypto assets https://t.co/ds07iVLkGl
Bank of England Governor Andrew Bailey has warned the world’s largest banks against issuing their own stablecoins, setting up a potential clash with President Donald Trump’s administration and its backing of the digital assets https://t.co/wvdQhYZT9P
Europe's largest asset manager, Amundi, has expressed concerns that U.S. stablecoin policies, particularly following the enactment of the United States' GENIUS Act, could destabilize the global payment system by causing major shifts in money flows. This view is echoed by Bank of England Governor Andrew Bailey, who warned against the issuance of stablecoins by the world’s largest banks. Bailey emphasized the risks stablecoins pose, including potential bank runs and money laundering, and advocated for tokenized deposits as a safer alternative to preserve lending capacity. These warnings highlight growing apprehension in Europe about the impact of U.S. pro-crypto legislation and stablecoin proliferation on financial stability worldwide.
