BoE's Carolyn Wilkins: lessons from history for stablecoins and US dollar dominance

… sanctions, as we saw after Russia's invasion of Ukraine in 2022. They can also be used to monitor financial flows and to project influence. That has made the infrastructure of money and payments an increasingly important part of economic statecraft. The strategic issue here is what role stablecoins will play in a system where money, payments and geopolitical power are becoming increasingly intertwined. We want to know which forms of digital money will ultimately succeed, and which currencies and institutions will become embedded in the next generation of payment infrastructure. It is early days, so the answers are honestly unknown. But we can lear …