Deep Tide TechFlow News, on July 3, according to Bloomberg, Bank of England Governor Andrew Bailey warned that the rise of stablecoins could undermine public trust in currency, and experts are concerned about the threats posed by the expanded use of dollar-backed cryptocurrencies.

In a speech released on Thursday, Bailey stated that central banks need to "closely monitor" the new vulnerabilities that payment innovations may bring to the monetary system. This warning highlights the ongoing concerns of traditional financial institutions regarding the rapid development of cryptocurrencies such as stablecoins, especially the potential impact these digital assets may have on the existing monetary system and financial stability.