UK Government Published Consultation Paper to Reduce Risk for Stablecoin Holders

HM Treasury, the UK Government's economic and finance ministry, published a consultation paper that outlines a strategy to reduce risk for investors holding stablecoins. The government recommends changing existing legislation to give the Bank of England power to appoint administrators to oversee insolvency arrangements with failed stablecoin issuers. The deadline for feedback on the consolation is August 2nd.