The UK FCA has released a policy report stating that cross-border payments are the main application scenario for stablecoins

According to Cointelegraph, the Stablecoin Sprint policy report released by the Financial Conduct Authority (FCA) in the UK shows that cross-border payments are the most clear recent application scenario for stablecoins, and the adoption of stablecoins by domestic retailers in the UK is expected to be relatively slow. Participating institutions stated that stablecoins have significant advantages in emerging markets, but their advantages are limited in channels with existing fast and inexpensive payment systems. British consumers lack the motivation to switch, and merchants can benefit from lower costs and faster settlements. The final rule released by FCA on June 30th requires stablecoins issued in the UK to be fully endorsed by reserve assets and redeemed at face value.