The stablecoin industry is pushing back against the Bank of England's proposed ban on unhosted wallets. Industry observers warn that restricting such wallets could limit key applications like remittances.
The stablecoin sector has voiced its opposition to the Bank of England's unhosted wallet ban. This pushback centers on concerns that the measure would restrict practical uses of the digital assets.
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Hong Kong has awarded its first stablecoin issuer licences to HSBC and a joint venture led by Standard Chartered, marking the city's latest step towards becoming a global digital asset hub. HSBC plans to launch its Hong Kong dollar stablecoin in the second half of this year, integrating it into its PayMe and mobile banking platforms.
The Bank of England is reviewing proposed caps and reserve rules for sterling stablecoins following industry backlash. Officials aim to keep stablecoin issuers onshore in the UK.
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US Federal Reserve governor Christopher Waller said Sunday that stablecoins could expand the reach of US policy. Bank of England official Megan Greene offered a contrasting view, predicting their popularity would soon fade.
Crypto exchange HTX will remove the USD1 stablecoin from its platform and convert customer balances into USDT. The action follows a freeze of exchange wallets by World Liberty Financial. The move stems from compliance with UK sanctions targeting Russian financial networks.
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President Trump’s immigration order is expected to drive growth in the stablecoin economy and bitcoin atms.