The governor of the Bank of England has warned that stablecoins pose a threat to public trust in currencies

According to Bloomberg, Bank of England Governor Andrew Bailey has warned that the rise of stablecoins could erode public trust in money as experts warn of the threat posed by the mass adoption of dollar-backed cryptocurrencies.
In a speech published on Thursday, Mr. Bailey said central banks needed to "keep a close watch" on innovations in payments to prevent them from introducing new vulnerabilities into the monetary system.