BoE Official: Stablecoin Growth Could Lift Dollar Dominance, Treasury Demand

The notable part is the framing: a UK central banker treating dollar stablecoins as a channel for extending dollar reach rather than as a threat to monetary sovereignty. That reframes the policy debate from containment toward supervision, since issuers scaling into reserve-backed Treasuries become a structural source of demand for US government debt. The open question is whether other central banks adopt the same lens or keep treating dollar stablecoins as a competitive problem for their own currencies.