Andrew Bailey, Governor of the Bank of England and Chair of the Financial Stability Board (FSB), emphasized the need for unified international regulations on stablecoins during an event hosted by the Institute of International Finance (IIF). Bailey noted that progress on global regulatory standards for stablecoins has slowed over the past year. He stressed that to ensure stablecoins can be redeemed at face value, a credible foundation of consistent international rules is essential. Bailey warned that divergent national regulatory approaches could lead to regulatory arbitrage, creating 'rule gaps' that undermine financial stability.