Bank of England Governor Bailey: The UK and US stablecoin rules are about to “square off,” warning that a bank run will come to the UK
Bank of England (BoE) Governor Andrew Bailey warned on May 9 at a meeting hosted by the Bank of England in the UK that the US and the UK are about to enter a “tug-of-war” phase on stablecoin regulation, and that the UK worries it could face bank-run (run-on) risks if it adopts stablecoins. The Block reported on Bailey’s remarks: “We know what happens if stablecoins are subject to a run—they all come here (to the UK),” suggesting that dollar stablecoins promoted by the GENIUS bill in the US, if b
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