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Latest Analyses(7)

Britain Challenges US Control Of Digital Money
Coin Bureau|22. Mai

Britain Challenges US Control Of Digital Money

Background & Core Thesis

Andrew Bailey, Governor of the Bank of England, warns of a looming regulatory conflict with the US over stablecoins. His key arguments:

  • Lax US rules (e.g., 7-day redemption window under stress) could create contagion risks for the British financial system.
  • A US stablecoin failure could export panic to London („run risk“).
  • The real issue is digital currency sovereignty: dollar-backed stablecoins dominate globally (98–99 % market share), threatening the pound.
The Technical Flashpoint
  • USA (GENIUS Act, July 2025): 7-day redemption window during market stress.
  • UK (proposed): Immediate redemption („on demand“).
  • Historical precedent: USDC de-peg in March 2023 ($B market cap then vs. $322B today).
Why Now?
  1. GENIUS Act is law – Bailey responds to an enacted US framework.
  2. Europe (MiCA) proved dollar stablecoins can be regulated.
  3. UK authorization gateway opens September 2026 – Bailey is staking claims upfront.
Geopolitical Dimension
  • Dollar stablecoins (e.g., Tether holding $140B in US Treasuries) are monetary policy in token form.
  • Every cross-border stablecoin transaction bypasses SWIFT and London clearing banks.
  • Bailey defends London's financial hub against digital dollarization.
International Coordination
  • Europe (ECB): Squeezing out Tether, building a Euro stablecoin consortium (Quivalis).
  • Canada: First regulated CAD stablecoin (May 2026).
  • US: GENIUS Act as national strategy to extend dollar dominance (Treasury Secretary Bessent: stablecoins for debt management).
Impact on Tether and Circle
  • Tether: Offshore liquidity under pressure; launches USAT (US-compliant) and acts as a sanctions tool ($4.2B frozen).
  • Circle (USDC): 28 % growth, positioned as institutional standard (BlackRock fund backing).
Implications for Investors
  • Fragmentation of the stablecoin market (USDT pushed offshore, USDC & local stablecoins absorb regulated flow).
  • Rise of Euro, Pound, and CAD stablecoins as serious products.
  • Catalysts to watch: UK Treasury consultations, CcA Senate markup (May 14), Fed rulemaking.
  • The monetary & geopolitical conflict will define the next decade – crypto has become the terrain for the most important currency war.
SOURCE