Search results for digital pound
Crypto
Bank of England says no need to rush digital pound, focus shifts to stablecoins
The Bank of England reaffirmed it is in no rush to issue a digital pound, saying there is no immediate need for a central bank digital currency. Deputy Governor Sarah Breeden said commercial stablecoins and tokenised bank deposits could fill payment gaps. The bank is putting weight on fostering a pound-denominated stablecoin market to prevent shifts to dollar-linked coins. The bank and UK Treasury aim to complete the design phase by end-2026.
Crypto
BoE panelist says dollar stablecoins could boost U.S. currency dominance, Treasury demand
The spread of dollar-linked stablecoins could increase both the global dominance of the U.S. dollar and demand for U.S. Treasuries, Bank of England Financial Policy Committee member Carolyn Wilkins said. She said dollar-denominated stablecoins could ease cross-border payments and expand access to dollar-linked assets outside the United States. She also warned that large-scale redemptions could force issuers to sell short-term Treasuries, potentially amplifying volatility in already unsettled markets.
Crypto
Bank of England tests trade finance payments using stablecoins and digital pound
The Bank of England is testing a payments structure that uses stablecoins and a simulated digital pound in cross-border trade finance. The trial, run at its Digital Pound Lab, is designed to check whether stablecoin payments and digital pound settlement can work in a single flow. It uses no real customer funds. The central bank said the exercise does not signal future policy direction or endorse any company or product, and it has not decided whether to issue a digital pound.
