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

ChainCatcher news, according to Bloomberg, Bank of England Governor Andrew Bailey warned that the rise of stablecoins could undermine public trust in currency as experts raise alarms about the threats posed by the widespread adoption of cryptocurrencies backed by the 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 to the monetary system.