Countries worldwide have an opportunity to strengthen their positions as financial centres by establishing themselves as hubs for stablecoin transactions. Two complementary strategies would bring substantial economic benefits: enabling domestic financial institutions (regulated banks and non-banks) to receive and convert foreign stablecoins; and promoting global acceptance of locally issued stablecoins. These forward-looking policies would generate significant fee and foreign exchange revenue for financial institutions, ensure proper regulatory oversight of digital currency flows, create diversified demand for ... (full story)