Bank of England Governor Says Stablecoins Could Reduce UK Reliance on Commercial Banks – Could It?

Bank of England Governor Andrew Bailey has outlined plans to grant widely used stablecoins access to central bank accounts while warning the tokens could reshape Britain’s financial system. According to a report from the Financial Times, Bailey described stablecoins as a technology that could separate money holding from credit provision, potentially reducing the role of commercial banks in the economy. The governor believes that this shift would require careful management to preserve the link between m ...