The growth of stablecoins such as tether (USDT) and USD Coin (USDC) poses challenges to central banks because, despite their name, they often lack stability, Bank of Korea Governor Rhee Chang-yong said Friday, according to Yonhap News. "This underscores the urgency for central banks to consider introducing central bank digital currencies (CBDC), whether retail or wholesale," Rhee said at the Digital Money: Navigating a Changing Financial Landscape conference. The ability of stablecoins, cryptocurrencies whose value is linked a fiat currency such as the dollar or euro, to hold their pegs, has been bought into focus this week.
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