BoE Bailey warns a US stablecoin fight over global standards could shake crisis convertibility

Some US stablecoins may not convert to dollars fast

Bank of England Governor Andrew Bailey says the world should expect a “wrestle” between US policy and international regulators over stablecoins, which he views as a potential financial stability risk. Bailey argues some US-issued stablecoins may not be easily converted into dollars without routing through crypto exchanges, limiting access during crises. He also warns that if stablecoins become widely used for cross-border payments, hard-to-convert tokens could flow to jurisdictions like Britain, which promise stronger convertibility obligations.