The Bank of England warns of an impending clash with the US over stablecoin standards, saying dollar-pegged tokens without direct redemption could shift crisis pressure to the UK and that international rules will decide their global role.

Bank Of England Warns Of Looming Stablecoin Clash With US
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Bank Of England Warns Of Looming Stablecoin Clash With US

Bank of England Governor Andrew Bailey has warned of a "coming wrestle" with the U.S. over stablecoin standards, arguing that dollar-pegged tokens which lack direct redemption could shift redemption pressure to the UK in a crisis and that international rules will be key if stablecoins are to play a global payments role. Bailey put the...