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Bank of England urged to treat systemic stablecoins cautiously
Lord Kulveer Ranger, a UK House of Lords peer, said there is less than 6 million sterling-backed stablecoins in the market.
DL News published an opinion piece from Lord Kulveer Ranger on digital assets, the digital pound, and systemic stablecoins, citing an evidence session he attended with the Bank of England.
Ranger said his main takeaways were that the Bank is listening and that it remains cautious, after 18 months engaged in the UK digital assets regulatory debate as co-chair of the All-Party Parliamentary Group (APPG) on Digital Markets and Digital Money.
He described stablecoins as no longer theoretical, noting that properly structured stablecoins could enable faster, cheaper, more programmable payments, while improperly handled stablecoins could introduce risks that reach core financial stability.
Ranger added that time matters in a global system where capital and confidence move quickly, and pointed to other jurisdictions making more permissive or more experimental choices as the debate continues.