Crypto· Stablecoins

Bank of England set for new innovation mandate covering stablecoins

The UK is moving to put stablecoins at the center of a new Bank of England mandate aimed at supporting innovation in digital payments. The government plans to give the Bank of England, the UK’s central bank, a secondary objective to support innovation in payment systems and emerging forms of digital money, HM Treasury announced on Thursday.

By AI NewsroomPublished about 12 hours agoUpdated about 2 hours ago2 views

Bank of England set for new innovation mandate covering stablecoins

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Key Facts

Fact 1: 7 and 9.
Fact 2: Related: Binance to plan UK relaunch with FCA license application: Report Sakharov pointed to requirements for systemic stablecoin issuers to hold at least 30% of their backing assets in non-interest-bearing deposits at the central bank.
Fact 3: Related: Revolut rolls out euro stablecoin in 3 European markets In mid-July, the UK and US published a joint statement on stablecoins, with the governments saying they “intend to enable the use of stablecoins in cross-border finance” and calling for greater alignment of their regulatory frameworks.
Fact 4: BoE also previously dropped plans to limit stablecoin holdings to 20,000 British pounds for individuals and 10 million pounds for businesses, replacing them with a temporary 40 billion pound ($52.9 billion) issuance cap for each systemic stablecoin.

The mandate will cover payment systems that use digital settlement assets such as stablecoins, while financial stability will remain the BoE’s primary objective. The proposal comes as the UK steps up its work on stablecoins through regulatory changes, payment experiments and closer coordination with the US. BoE innovation mandate faces September debate The new responsibility would extend an existing approach used to regulate central counterparties (CCPs) and central securities depositories (CSDs), which help clear, hold and settle financial assets.

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