Andrew Bailey emphasized that stablecoins will only become part of the global payment architecture if international standards are in place. Washington is promoting dollar-pegged stablecoins as a global payment infrastructure. However, some American stablecoins cannot be easily converted outside of crypto exchanges, greatly limiting their use during crises. Bailey noted that such a scenario could lead to a preference for stablecoins with stricter convertibility rules. Meanwhile, ECB President Christine Lagarde expressed opposition even to euro-pegged stablecoins, citing threats to financial stability. Instead, she supported the digital euro project.