BOE Cunliffe:It will not be possible to give stable and holders protection against failure

BOE Deputy Gov. Cunliffe on stablecoin:

• Any systemic stablecoins in the UK will need to be backed with high quality and liquid assets
• It will not be possible initially at least to give a stablecoin holders industry funded protection against the failure of the coin.
• There may need to be limits at start of stablecoins used for payments

For what it's worth.