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BoE's Bailey Warns of Regulatory 'Wrestle' With U.S. Over Stablecoin Standards on Friday

GateNews
Regulation & Policy
According to Reuters, on Friday, Bank of England Governor Andrew Bailey warned that international regulators face a "coming wrestle" with the U.S. government over stablecoin standards. Bailey, who chairs the Financial Stability Board, flagged a key vulnerability: some U.S. dollar-pegged stablecoins cannot be readily converted back to dollars without routing through crypto exchanges, potentially triggering a crisis-driven flight to jurisdictions with stricter convertibility rules like the UK. "We know what would happen if there was a run on a stablecoin — they'd all turn up here," Bailey said at a BoE-hosted conference.
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