Andrew Bailey, Governor of the Bank of England, issued a stark warning Friday about looming tensions between international financial regulators and the United States concerning global stablecoin oversight. Speaking at a Bank of England conference focused on financial imbalances, Bailey emphasized that stablecoins can only function effectively as a worldwide payment mechanism if nations adopt uniform international regulatory frameworks — a goal he suggested will prove challenging to achieve. “For stablecoins to become integrated into the global payment infrastructure, we need international standards,” Bailey stated. ... (full story)