Bank of England Deputy Governor Braden: Stablecoins can enable faster and lower-cost payments

Sarah Braden, deputy governor of the Bank of England, said stablecoins are expected to speed up cross-border capital flows and reduce related costs as the Bank of England prepares to announce its regulatory plans for stablecoins. Braden said on Wednesday that she expects a "multi-currency" world that includes stablecoins to gradually emerge. She pointed out that the Bank of England's regulatory plans are being influenced by a landmark bill from the Trump administration that aims to promote the "normalization" of stablecoins. Braden said at a conference in London: "Stablecoins, which have long been confined to the cryptocurrency market, are beginning to go "mainstream." Since stablecoins are an existing form of "native digital form" currency, their secure application is expected to unlock faster and lower-cost settlement methods for cross-border transactions, while also supporting the trading of tokenized securities." The Bank of England plans to launch a consultation on revised stablecoin regulations later this year. The Bank of England has previously warned that its initial regulatory stance was too strict, and the bank is now relaxing the relevant measures. (Jinshi)