Bank of England Governor: A "battle" may ensue with the US over stablecoin regulation.

CoinFeed reported on May 10th, citing Reuters, that Bank of England Governor Andrew Bailey stated at a financial imbalances conference hosted by the Bank of England on May 8th that stablecoins must establish international regulatory standards to function effectively if they are to become part of the global payments architecture. This would conflict with the current Trump administration's stance on promoting stablecoins. Bailey is concerned that some US stablecoins may be difficult to convert into US dollars quickly during a crisis (potentially requiring the use of cryptocurrency exchanges), leading to liquidity problems. If stablecoins are widely used for cross-border payments, they could flood into jurisdictions with strict exchange obligations, such as the UK, during a crisis, creating a "run" risk.