UK government spokesman: Further action will be taken against Stablecoin following the Terra crash

According to CNBC, a spokesperson for the UK government said they are aware of the Stablecoin Terra crash and stand ready to take further action against Stablecoin. "The UK government has made it clear that certain Stablecoins are not suitable for payment purposes and have no common characteristics compared to those crypto assets backed by reserves," the spokesman said. It is understood that the UK is planning to bring Stablecoin under the e-payments regulatory umbrella, which means that Stablecoin issuers such as Tether and Circle will be regulated by the country's market regulator. In addition, the EU will launch a separate proposal for Stablecoin to ensure strict regulation of Stablecoin.