Bank of England to have distributed recommended rules Some insiders liked this situation regarding the issuance of stablecoins.
Chilimint co-founder and MD Andrew Jones He says this is an indication that stablecoins have become a story about trust rather than technology. ChilliMint is a consultancy focused on payments, Fintech, consumer banking and financial services.
ABD’de ödemelerin ve değer transferinin geleceği olarak stablecoin’ler ortaya çıkıyor. It’s actually less about crypto, but more about speed and cost in a secure environment. Advocates also point to stablecoins’ advantage in supporting a strong dollar, since issuers must hold reserves, mostly in U.S. Treasuries.
Stablecoins stop looking like a crypto story and start looking like a payments story, Jones says.
“A few years ago, most of the conversation was about technology. Faster payments. Programmability. Blockchain. New rails. But as stablecoins have become mainstream, people seem to care less about the technology and more about questions about payments that people have been asking for decades,” Jones says. “For a currency to be fit for purpose, it needs to be universally understood. Most people don’t know where stablecoin reserves are held, who is responsible if something goes wrong, who to call if there is a problem, or how to use it in the first place.”
Jones says the Bank of England’s framework is important because it is less about technicalities and more about creating conditions of trust. The most important question for users is “Can I trust this??”
He argues that stablecoins are not moving towards a single model, as there is MiCA in the EU, US and now the UK. He sees this as redrawing borders, not removing them.
“Deciding who bears the risk, who provides oversight, and how to maintain trust at scale is a much bigger challenge.”
The success of a stablecoin will depend on the adoption of many of the principles used in existing payments and transfer pathways.
“Because with payments, people rarely remember what happened when everything went right. They remember what happened when something went wrong. And that’s where trust is built,” Jones says.
