From https://finance.yahoo.com/markets/crypto/articles/bank-england-just-told-stablecoins-005951170.html
Title : The Bank of England Just Told You What Stablecoins Are Really For
By Nolan Pratt , Sept 2026
... Carolyn Wilkins, an external member of the Bank of England's Financial Policy Committee, has finally said the quiet part out loud: stablecoins are no longer just a crypto-native curiosity; they are a geopolitical instrument for US dollar dominance...
In her September 15, 2026, address at Queen's University Belfast, titled 'Money and power: lessons from history for stablecoins and US dollar dominance', Wilkins became the first senior central banker to explicitly frame the technology as a tool of economic statecraft ...
Wilkins identifies 3 channels through which stablecoins reinforce the dollar's hegemony :
1. They provide 24/7 cross-border settlement, bypassing the friction of traditional correspondent banking.
2. They enable what she calls 'digital dollarisation,' allowing users to hold a dollar-linked asset on a smartphone without a US bank account.
3. And they create structural demand for US safe assets ... act as a synthetic demand engine for US debt ...
Treasury Secretary Scott Bessent has argued explicitly that dollar stablecoins can reinforce the dollar's international role. The stablecoin market has grown from less than $5 billion at the start of 2020 to roughly $300 billion by mid-2026, with 98% of that value denominated in US dollars ...
Title : The Bank of England Just Told You What Stablecoins Are Really For
By Nolan Pratt , Sept 2026
... Carolyn Wilkins, an external member of the Bank of England's Financial Policy Committee, has finally said the quiet part out loud: stablecoins are no longer just a crypto-native curiosity; they are a geopolitical instrument for US dollar dominance...
In her September 15, 2026, address at Queen's University Belfast, titled 'Money and power: lessons from history for stablecoins and US dollar dominance', Wilkins became the first senior central banker to explicitly frame the technology as a tool of economic statecraft ...
Wilkins identifies 3 channels through which stablecoins reinforce the dollar's hegemony :
1. They provide 24/7 cross-border settlement, bypassing the friction of traditional correspondent banking.
2. They enable what she calls 'digital dollarisation,' allowing users to hold a dollar-linked asset on a smartphone without a US bank account.
3. And they create structural demand for US safe assets ... act as a synthetic demand engine for US debt ...
Treasury Secretary Scott Bessent has argued explicitly that dollar stablecoins can reinforce the dollar's international role. The stablecoin market has grown from less than $5 billion at the start of 2020 to roughly $300 billion by mid-2026, with 98% of that value denominated in US dollars ...
