Source: Cointelegraph Original: "{title}"

The UK regulatory authorities are increasingly concerned about the impact of stablecoins and the broader cryptocurrency industry on the country's financial system and monetary stability.

During the Financial Policy Committee meetings held on April 4 and 8, regulators noted that while the current "unbacked crypto asset market's connection to the real economy and financial sector is growing, it remains relatively limited," the stablecoin and crypto market has significantly expanded over the past year, raising heightened regulatory attention.

The UK, its central bank, and the local regulatory body, the Financial Conduct Authority (FCA), have been developing a regulatory framework for stablecoins to ensure financial robustness. The committee claims to have identified factors that contribute to the resilience of stablecoins:

"A key determinant of stablecoin resilience is the liquidity, credit, and market risks of the underlying assets, which are necessary to ensure that they can be redeemed at face value in a timely manner, even during periods of market stress."

The committee issued a warning about the "increase in offshore pound stablecoin issuance without proper backing of assets." The committee stated that this would affect the UK financial market and that "even with appropriate regulation, greater use of foreign currency-denominated stablecoins may expose some economies to the risk of currency substitution."

Bank of England. Source: Wikimedia

Committee members are concerned that if the use of stablecoins extends beyond crypto settlements, it could impact "retail and wholesale cross-border payments." In retail flows, the use of stablecoins by households and small to medium-sized enterprises could lead to "currency substitution" in cross-border payments, increasing counterparty risk.

This statement was released after reports indicated that the application of stablecoins in emerging markets, particularly in Africa, is growing and is no longer limited to cryptocurrency remittances. A recent report from blockchain analysis firm Chainalysis shows that stablecoins now account for nearly half of the total transaction volume in sub-Saharan Africa.

Similarly, a report at the end of 2024 suggested that several emerging economies in Africa have the potential to become digital asset hubs. Ben Caselin, Chief Marketing Officer of the Johannesburg-based crypto exchange VALR, told Cointelegraph at the time:

"South Africa is the gateway to the rest of Africa, with good rule of law and an independent judicial system. It is easy to start a business in South Africa."

However, reports of similar trends are rare in developed economies with convenient financial infrastructure. Experts often point out that the lack of banking services and the instability of local fiat currencies are reasons why developing countries—especially African nations—are keen to adopt dollar-based stablecoins and cryptocurrencies.

The UK is not the only country expressing concerns about the impact of stablecoins and the broader cryptocurrency industry on monetary stability. The European Securities and Markets Authority (ESMA) recently warned that as the cryptocurrency industry develops and its connections with traditional financial institutions grow, the threat to the stability of traditional financial markets will increase. ESMA Executive Director Natasha Cazenave stated:

"We cannot rule out the possibility that a sharp decline in crypto prices in the future could have a ripple effect on our financial system."

Local regulatory authorities are already taking action to address these concerns. At the end of March, the EU insurance regulator proposed comprehensive rules requiring insurance companies to maintain capital equal to the value of their crypto assets as a measure to reduce risks for policyholders.

Related: UK trade body calls for government to prioritize cryptocurrency as a "strategic focus"

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