Bank of England Deputy Governor Broadbent: Weakening Stablecoin Regulation Poses Risks

November 12th, Bank of England Deputy Governor Broadbent stated that we still need to do more work to guide consumers in identifying the unsafe tokens issued by El Salvador. Previous incidents involving Silicon Valley Bank and Circle withdrawals provide guidance for the latest stablecoin proposal. Weakening stablecoin regulation poses risks. The UK needs to take a different approach to stablecoins compared to the US. The new stablecoin rules are based on past stress events. (FX678)