Stablecoins: Unleashing fair competition in the financial realm.

A recent Bank of England discussion paper is challenging the race to provide faster payments by leveling the playing field for stablecoins. Currently, non-bank fintechs and payment service providers (PSPs) are leading the way in developing technology for real-time payment and settlement systems for stablecoins. These firms are outside the regulatory perimeter but may prefer to operate within it if given a level playing field. The Bank of England’s paper discusses the implications of regulating stablecoins and the potential benefits and risks associated with such regulation.