England central banker says global stablecoin rules will ‘wrestle’ with US

Bank of England Governor Andrew Bailey says regulators will have to deal with the US when forming global stablecoin standards.

Bank of England Governor Andrew Bailey said international regulators will have to “wrestle” with the US over global rules for stablecoins, which are largely denominated in and backed by US dollars.

“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 conference on Friday, according to Reuters. 

“Frankly, that, I think, is going to be a coming wrestle with the [US] administration," he added.

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