UK lords question Coinbase executive on risks of stablecoins and financial safety

UK lawmakers raised concerns about stablecoins draining bank deposits. Tom Duff Gordon asserted that regulated, fully reserved stablecoins are safer than uninsured bank deposits and can reduce payment costs significantly.

Oversight from the Bank of England and FCA could hinder crypto innovation in the UK. Duff Gordon emphasized Coinbase’s KYC measures, assuring that transparency could help combat illicit activities.