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Stablecoins no substitute for commercial bank money, BOE’s Bailey says

By Phoebe Seers ( July 15, 2025, 20:04 GMT | Insight) -- Andrew Bailey, the Bank of England’s governor has issued arguably his strongest warning yet against stablecoins, in a key speech before the financial services industry. Bailey said this evening: “there may well be a role for stablecoins going forward, but I don’t see them as a substitute for commercial bank money.” He also cast further doubt on the BOE's Digital Pound project, while lending his support to tokenized commercial bank deposits.The Bank of England’s governor has issued arguably his strongest warning against stablecoins yet, in a key speech before the financial services industry. Andrew Bailey said this evening: “there may well be a role for stablecoins going forward, but I don’t see them as a substitute for commercial bank money.”...

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