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

According to Zhitong Finance, Bank of England Deputy Governor Sarah Braden stated that stablecoins have the potential to speed up cross-border capital flows and reduce associated costs, as the Bank of England prepares to announce its regulatory plan for stablecoins. Braden stated that she envisions a multi-currency world encompassing stablecoins gradually emerging. She noted that the Bank of England's regulatory plan is being influenced by a landmark Trump administration bill aimed at normalizing stablecoins. Speaking at a conference in London, Braden stated that stablecoins, long confined to the cryptocurrency market, are beginning to move mainstream. Given that stablecoins are an established form of native digital currency, their secure adoption has the potential to unlock faster and lower-cost settlement for cross-border transactions and support the trading of tokenized securities. The Bank of England plans to launch a consultation on its revised stablecoin regulatory approach later this year. The Bank of England is currently relaxing its initial regulatory stance, following warnings from industry insiders that it was too strict.