The UK Treasury is proposing an insolvency regime to manage the failure of major crypto stablecoins after the collapse of terra earlier this month sent shockwaves through the global crypto market.
The Bank of England would take the lead in managing the collapse of a stablecoin that had systemic importance to the financial system under a plan the Treasury proposed in a consultation published on Tuesday.
Stablecoins such as tether and USD coin offer investors a gateway into the crypto market by providing what should be a stable store of value against traditional currencies in contrast to other, more volatile crypto tokens including bitcoin.
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