Bank of England Governor Warns: Stablecoins Threaten Public Trust in Money

According to a report by Jinse Finance citing Bloomberg, Bank of England Governor Andrew Bailey has warned that the rise of stablecoins could undermine public trust in money, as experts raise concerns about the risks posed by the widespread adoption of cryptocurrencies backed by the US dollar. In a speech released on Thursday, Bailey stated that central banks need to "closely monitor" innovations in the payments sector to prevent them from introducing new vulnerabilities into the monetary system.