Britain Taps Central Bank for Boost to Stablecoin Payments Innovation

The British government plans to give the Bank of England a new 'secondary objective' to support innovation in payment systems and digital money, such as stablecoins. The Treasury stated that this new objective will be in addition to maintaining financial stability as the central bank's primary responsibility.

Stablecoins are crypto tokens designed to hold a steady value and are predominantly used in crypto trading as well as in payments. They have grown rapidly in recent years, particularly under the crypto-friendly policies drawn up by the Trump administration.