The U.K. wants to make sure stablecoins don’t end up threatening the wider financial system.
The U.K. government has proposed amending existing rules to manage the failure of stablecoin firms that may pose a"systemic" risk.
It comes after the collapse of terraUSD, a so-called stablecoin that was meant to always be worth $1.Britain wants to make sure stablecoins don't end up threatening the wider financial system following the collapse of controversial crypto project Terra. The government on Tuesday proposed amending existing rules to manage the failure of stablecoin firms that may pose a"systemic" risk. The proposal is separate from"Since the initial commitment to regulate certain types of stablecoins, events in cryptoasset markets have further highlighted the need for appropriate regulation to help mitigate consumer, market integrity and financial stability risks," the government said in a consultation paper setting out its proposals.
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