In a speech today, Sarah Breeden, deputy governor of the Bank of England, talked about stablecoins. When the central bank unveils its plans for stablecoins in 2023, its framework will not be attractive to large or systemically important stablecoin issuers. While the good news is that they can keep their reserves at the central bank, which is desirable to most, the bad news is that these reserves will not generate any interest, shaking up the prevailing business model.
Bridon has previously hinted at softening this stance, and in today's speech made it clear that systemically important stablecoin issuers will be able to hold some of their backing assets in high-quality liquid assets, such as short-term government bonds.
She also pointed out that the original stablecoin initiative focused mainly on retail use cases, but that has now changed. Currently, in the UK's "Digital Securities Sandbox", both stablecoins and tokenized deposits will be used for the settlement of tokenized securities. This is a relatively recent change, as stablecoins were initially excluded from the sandbox.
Bank of England deputy governor: Systemic stablecoins can hold "part" of government bonds
2025-09-04 00:04:39
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