BTC $82,912.83 -0.89%
ETH $2,653.46 -0.13%
BNB $755.06 -2.58%
XRP $1.47 -2.25%
SOL $116.58 -3.36%
TRX $0.3345 +0.14%
DOGE $0.0920 -3.36%
ADA $0.2402 -5.52%
BCH $303.64 -6.99%
LINK $15.04 +7.11%
HYPE $86.01 -5.17%
AAVE $146.57 -3.61%
SUI $1.10 -12.46%
XLM $0.2242 +4.28%
ZEC $1,378.12 -12.50%
AAPL $338.01 -0.74%
AMZN $246.25 -1.03%
GOOGL $342.52 +0.20%
MSFT $509.00 -1.50%
META $716.38 -2.44%
NVDA $228.79 +2.03%
TSLA $357.30 -3.47%
SNDK $1,701.21 -2.10%
INTC $114.45 -4.43%
SPCX $145.81 -2.16%
MU $1,050.57 -1.62%
AMD $606.53 -2.27%
BTC $82,912.83 -0.89%
ETH $2,653.46 -0.13%
BNB $755.06 -2.58%
XRP $1.47 -2.25%
SOL $116.58 -3.36%
TRX $0.3345 +0.14%
DOGE $0.0920 -3.36%
ADA $0.2402 -5.52%
BCH $303.64 -6.99%
LINK $15.04 +7.11%
HYPE $86.01 -5.17%
AAVE $146.57 -3.61%
SUI $1.10 -12.46%
XLM $0.2242 +4.28%
ZEC $1,378.12 -12.50%
AAPL $338.01 -0.74%
AMZN $246.25 -1.03%
GOOGL $342.52 +0.20%
MSFT $509.00 -1.50%
META $716.38 -2.44%
NVDA $228.79 +2.03%
TSLA $357.30 -3.47%
SNDK $1,701.21 -2.10%
INTC $114.45 -4.43%
SPCX $145.81 -2.16%
MU $1,050.57 -1.62%
AMD $606.53 -2.27%

england

All
Article
Flash

Bank of England officials: Stablecoins may reinforce the dominance of the US dollar and increase the demand for US Treasury bonds

Carolyn Wilkins, a member of the Bank of England (BoE) Monetary Policy Committee, stated that the growth of dollar stablecoins may reinforce the global dominance of the dollar and increase the demand for U.S. Treasury bonds. She pointed out during a speech at Queen's University Belfast that dollar stablecoins can facilitate cross-border settlements and expand access to dollar-denominated assets outside the United States.Stablecoin issuer Tether's USDT and fintech company Circle's USDC held nearly $150 billion in U.S. Treasury bonds by the end of 2025, purchasing about $33 billion that year. Wilkins noted that large-scale stablecoin redemptions could force issuers to sell Treasury bonds, thereby amplifying volatility in pressured markets. Currently, the total circulation of stablecoins has exceeded $300 billion, with 98% of their value pegged to the dollar. Wilkins stated that this gives the dollar a significant first-mover advantage, and the development of the stablecoin market has implications beyond the cryptocurrency sector.The development of pound stablecoins is relatively slow. The UK's Financial Conduct Authority has tested potential issuers through a dedicated regulatory sandbox and finalized the UK's stablecoin issuance rules in June; the Bank of England has also tested the feasibility of using stablecoins alongside a simulated digital pound for cross-border trade payments.

Former Deputy Governor of the Bank of England Jon Cunliffe has joined blockchain payment company Fnality and serves as the Chairman of the UK entity

According to Bloomberg, Jon Cunliffe, the former Deputy Governor for Financial Stability of the Bank of England, has joined the blockchain payment company Fnality and will serve as the Chairman of its UK entity. Jochen Metzger, the former Director General for Payment and Settlement Systems of the German central bank, has been appointed as a member of the Supervisory Board of Fnality Europe and is expected to serve as its Chairman; Ron Berndsen, the former Head of Supervision and Head of Market Infrastructure Policy at the Dutch central bank, will also join the Supervisory Board.Fnality operates a wholesale payment system that allows banks to settle debts using central bank currency balances. Its pound sterling system, regulated by the Bank of England, went live in 2023 and is currently seeking regulatory approval to launch versions in US dollars and euros. Fnality states that the system is designed to support the tokenized trading of traditional assets such as stocks and bonds, enabling the synchronized flow of securities and payment funds across interconnected digital networks, thereby shortening settlement times and supporting round-the-clock trading. Fnality was established in 2019, with investors including major financial institutions such as Goldman Sachs, UBS Group, Santander Bank, Bank of America, and Citigroup.
app_icon
ChainCatcher Building the Web3 world with innovations.