Bank of England Policymaker Says Dollar Stablecoins Ride on US Economic Weight
Carolyn Wilkins told an audience in Belfast that dollar-backed stablecoins now total about $300 billion and could reshape global payments while raising financial-stability concerns.
AfroEuropa Newsroom
AfroEuropa desk
Dollar-backed stablecoins could widen the use of the US dollar in global digital payments and lift demand for US government debt, but their fast expansion may also introduce fresh risks to financial stability, according to Bank of England policymaker Carolyn Wilkins.
Speaking at Queen's University Belfast, Wilkins said stablecoins had moved past being a niche crypto experiment, with roughly $300 billion now in circulation, compared with under $5 billion at the beginning of 2020, BitKE reported. She added that the central question is no longer whether stablecoins can operate as digital money, but how their uptake might alter the wider monetary system.
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