TechFlow News, May 10: According to a Reuters report, on May 8, Andrew Bailey, Governor of the Bank of England, stated at the Financial Imbalances Conference hosted by the Bank of England that international unified standards must be established for stablecoins to become part of the global payment system—a move that would directly clash with the Trump administration. Bailey also expressed concern that certain U.S.-based stablecoins cannot be directly redeemed for U.S. dollars during crises and instead require intermediation through cryptocurrency exchanges, thereby posing liquidity risks. He warned that, in the event of a stablecoin run, funds would flood jurisdictions such as the UK, which impose mandatory redemption obligations. Bailey currently serves as Chair of the Financial Stability Board (FSB) and has long maintained a cautious stance toward cryptocurrencies.
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