Bank of England Chief Flags ‘Coming Wrestle' With US on Stablecoin Oversight
Key takeaways
- "Frankly, that, I think, is going to be a coming wrestle with the [U.S.] administration."
- "We know what would happen if there was a run on a stablecoin—they d all turn up here," Bailey added.
- Bailey, who also chairs the Financial Stability Board (FSB), has long warned that dollar-pegged tokens could erode monetary sovereignty, pushing UK banks toward tokenized deposits over stablecoin issuance.
Bank of England Chief Flags ‘Coming Wrestle' With US on Stablecoin Oversight Vince Dioquino Mon, May 11, 2026 at 9:49 PM GMT+7 3 min read Bank of England Governor Andrew Bailey has warned of a "coming wrestle" with the U.S. over stablecoin standards, claiming Friday that dollar tokens lacking direct redemption could flood Britain during a crisis.
"If we want stablecoins to be part of the architecture of payments globally [...] they re only going to work if we have international standards," Bailey said at a BoE conference on financial imbalances, as quoted by Reuters. "Frankly, that, I think, is going to be a coming wrestle with the [U.S.] administration."
"We know what would happen if there was a run on a stablecoin—they d all turn up here," Bailey added.