30 cryptocurrency executives write to the UK government requesting regulations on stablecoins

30 leaders from major cryptocurrency companies such as Coinbase, Kraken, Fireblocks, BitGo, and VanEck have sent a letter to UK Chancellor of the Exchequer Rachel Reeves, urging urgent regulation on stablecoins. They warned that without a national strategy, the UK would be led by countries like America, becoming a "follower of laws" instead of a "creator of laws" in the era of digital assets.

The letter criticizes the current definition of stablecoin in the UK as outdated, likening it to "calling a check a currency reference paper." The leaders emphasize that stablecoin should be viewed as digital payment infrastructure, capable of generating new revenue streams and strengthening the position of global financial center.

While the global stablecoin market exceeds 280 billion USD, stablecoins pegged to the British pound only reach about 621,000 USD, reflecting the constraints from inappropriate regulations.