Widely-used stablecoins need to be regulated like money, BoE's Bailey says

FILE PHOTO: Governor of the Bank of England, Andrew Bailey looks on during the Bank of England financial stability report press conference at the Bank of England, in London, Britain August 7, 2025. Jordan Pettitt/Pool via REUTERS/File Photo

LONDON (Reuters) -Any stablecoin that becomes widely used as a means of payment in Britain needs to be regulated like money in a standard bank,Bank of England Governor Andrew Bailey said on Wednesday, meaning it would need depositor protections and access to BoE reserve facilities.

The comments made in an article in the Financial Times newspaper represent a slight shift in tone by Bailey, a long-standing sceptic of cryptocurrencies.