During a UK House of Lords Financial Services Regulatory Committee hearing, experts expressed skepticism about stablecoins' potential as future currencies. Chris Giles, an economics commentator for the Financial Times, highlighted the lack of a clear legal and regulatory framework in the UK as a barrier to stablecoin adoption. He described stablecoins as primarily serving as a gateway for cryptocurrency transactions rather than a transformative currency. Experts at the hearing stressed the importance of stringent regulation, aligning with the Bank of England's approach to treat stablecoins like currencies. This includes implementing strict asset-backed rules, resolution plans, and liquidity support. Giles also cautioned about the potential misuse of stablecoins for illicit activities, advocating for stronger international regulation and enhanced KYC/AML checks if their use expands.