UK Lords Initiate Stablecoin Investigation Amid Bank of England's Rule Finalization

UK lawmakers are probing stablecoins while regulators express concerns over their impact on bank deposits and payment systems.

The House of Lords in the UK has initiated an inquiry focusing on the implications and regulation of stablecoins. This development occurs concurrently with the Bank of England's efforts to finalize comprehensive regulatory frameworks governing these digital assets.

Regulatory bodies have raised alarms about the potential risks posed by stablecoins, suggesting that they may siphon funds from traditional bank deposits and significantly alter the landscape of payment systems.