Bank of England Deputy Governor Sarah Breeden has just given a major speech on the future of money - and shows that global competition spurs creative thinking. Under forthcoming BoE proposals: --stables can be backed by short-dated government debt (vs. just central bank cash reserves earning 0%); --stables can be used for settlement in tokenised markets (albeit at small scale); and --a mixed onchain cash ecosystem can include tokenized deposits AND stables. 1/2(paulgrewal.eth)