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Bank of England plans to oversee stablecoin collapses after TerraUSD crash

Treasury plans fresh protections in the event of 'systemic' crypto failure

The Bank will work through details of how it can intervene when stablecoins fail
The Bank will work through details of how it can intervene when stablecoins fail Photo: Frank Augstein/Getty Images

The Bank of England plans to oversee collapsing stablecoin companies to guard against future cryptocurrency crises bleeding into the wider economy.

The Treasury announced 31 May that the central bank would step in should the issuer of a stablecoin reach “systemic scale fail”.

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