{"id":955559,"date":"2025-11-08T11:51:17","date_gmt":"2025-11-08T11:51:17","guid":{"rendered":"https:\/\/ukpostcode.org\/content\/?p=955559"},"modified":"2025-11-08T11:51:17","modified_gmt":"2025-11-08T11:51:17","slug":"bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us","status":"publish","type":"post","link":"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/","title":{"rendered":"Bank of England Says UK Stablecoin Regulations Are Advancing \u2018Just as Quickly\u2019 as in the US"},"content":{"rendered":"<p>&nbsp;<\/p>\n<hr \/>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#What_the_BoE_said\" title=\"What the BoE said\">What the BoE said<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#Why_this_matters\" title=\"Why this matters\">Why this matters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#UK_vs_US_How_they_compare\" title=\"UK vs US: How they compare\">UK vs US: How they compare<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#United_States\" title=\"United States\">United States<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#United_Kingdom\" title=\"United Kingdom\">United Kingdom<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#Key_takeaways_where_to_watch\" title=\"Key takeaways &amp; where to watch\">Key takeaways &amp; where to watch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#1_Regulatory_design_official_comments\" title=\"1. Regulatory design &amp; official comments\">1. Regulatory design &amp; official comments<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#Key_comments\" title=\"Key comments\">Key comments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#Regulatory_features_as_currently_envisioned\" title=\"Regulatory features as currently envisioned\">Regulatory features as currently envisioned<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#Key_official_reasoning_rationale\" title=\"Key official reasoning \/ rationale\">Key official reasoning \/ rationale<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#2_Market_industry_case_studies_reactions\" title=\"2. Market \/ industry case studies &amp; reactions\">2. Market \/ industry case studies &amp; reactions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#Case_Study_A_Industry_reaction_%E2%80%93_stable-coin_ownership_limits\" title=\"Case Study A: Industry reaction \u2013 stable-coin ownership limits\">Case Study A: Industry reaction \u2013 stable-coin ownership limits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#Case_Study_B_UK_banks_tokenised_deposits\" title=\"Case Study B: UK banks &amp; tokenised deposits\">Case Study B: UK banks &amp; tokenised deposits<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#3_Implications_lessons_what_to_watch\" title=\"3. Implications, lessons &amp; what to watch\">3. Implications, lessons &amp; what to watch<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#Implications\" title=\"Implications\">Implications<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#Key_lessons\" title=\"Key lessons\">Key lessons<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#What_to_watch_for_the_user_industry\" title=\"What to watch (for the user \/ industry)\">What to watch (for the user \/ industry)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/ukpostcode.org\/content\/bank-of-england-says-uk-stablecoin-regulations-are-advancing-just-as-quickly-as-in-the-us\/#4_Summary_of_Comments\" title=\"4. Summary of Comments\">4. Summary of Comments<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_the_BoE_said\"><\/span>What the BoE said<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>At the SALT conference in London, Deputy Governor Sarah Breeden said the UK\u2019s new stable-coin regulatory framework is intended to be operational <strong>\u201cjust as quickly as the U.S.\u201d<\/strong>. (<a title=\"UK Stablecoin Regs Coming 'Just as Quickly' as US\" href=\"https:\/\/decrypt.co\/347578\/uk-stablecoin-regs-coming-just-as-quickly-as-us-bank-of-england?utm_source=chatgpt.com\">Decrypt<\/a>)<\/li>\n<li>She emphasised the need for the UK and the U.S. to collaborate on stable-coin regulation, noting talks between BoE, the Federal Reserve and finance ministries in both jurisdictions. (<a title=\"BOE Deputy Governor Says UK Stablecoin Rules Will ...\" href=\"https:\/\/www.tradingview.com\/news\/coinpedia%3A89dc21938094b%3A0-boe-deputy-governor-says-uk-stablecoin-rules-will-arrive-as-quickly-as-the-us\/?utm_source=chatgpt.com\">TradingView<\/a>)<\/li>\n<li>The BoE is planning to publish its proposed regime for stable-coins on or around <strong>10 November 2025<\/strong>. (<a title=\"BOE Says UK Stablecoin Rules Will Be in Place 'as Quickly ...\" href=\"https:\/\/www.coindesk.com\/policy\/2025\/11\/06\/uk-stablecoin-rules-will-be-in-place-as-quickly-as-the-u-s-boe-says-bloomberg?utm_source=chatgpt.com\">CoinDesk<\/a>)<\/li>\n<li>The proposed rules include <strong>temporary holding caps<\/strong> for what the BoE calls \u201csystemic\u201d stable-coins (those likely to be widely used in payments) \u2014 e.g., around <strong>\u00a320,000<\/strong> (\u2248US$26,000) for individuals and <strong>\u00a310 million<\/strong> for businesses. (<a title=\"UK Stablecoin Regs Coming 'Just as Quickly' as US\" href=\"https:\/\/decrypt.co\/347578\/uk-stablecoin-regs-coming-just-as-quickly-as-us-bank-of-england?utm_source=chatgpt.com\">Decrypt<\/a>)<\/li>\n<li>Breeden explained that the UK\u2019s mortgage and banking structure leads to different risks than the U.S., which influences the BoE\u2019s approach (in particular the caps). The U.S. mortgage market is funded differently (through agencies like Fannie Mae\/Freddie Mac) compared to the UK where commercial banks dominate. (<a title=\"BOE Says UK Stablecoin Rules Will Be in Place 'as Quickly ...\" href=\"https:\/\/www.coindesk.com\/policy\/2025\/11\/06\/uk-stablecoin-rules-will-be-in-place-as-quickly-as-the-u-s-boe-says-bloomberg?utm_source=chatgpt.com\">CoinDesk<\/a>)<\/li>\n<li>The BoE indicated that the holding caps might be <strong>transitional<\/strong>, to allow time to assess how stable-coins affect the banking\/deposit system. (<a title=\"Bank of England Vows to Issue Stablecoin Regs 'Just as ...\" href=\"https:\/\/www.pymnts.com\/cpi-posts\/bank-of-england-vows-to-issue-stablecoin-regs-just-as-quickly-as-the-u-s\/?utm_source=chatgpt.com\">PYMNTS.com<\/a>)<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Why_this_matters\"><\/span>Why this matters<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>The stable-coin market has grown significantly; central banks and regulators worldwide are concerned that if stable-coins become widely used as payments or substitutes for bank deposits, they could pose <strong>financial-stability risks<\/strong>, e.g., bank run risks, deposit outflows, fragmentation of banking functions. (<a title=\"Widely-used stablecoins need to be regulated like money, BoE's Bailey says\" href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/widely-used-stablecoins-need-be-regulated-like-money-boes-bailey-says-2025-10-01\/?utm_source=chatgpt.com\">Reuters<\/a>)<\/li>\n<li>By signalling that the UK will act \u201cjust as quickly\u201d as the U.S., the BoE is trying to allay concerns by industry groups that the UK is falling behind global competitors. (<a title=\"UK Stablecoin Regs Coming 'Just as Quickly' as US\" href=\"https:\/\/decrypt.co\/347578\/uk-stablecoin-regs-coming-just-as-quickly-as-us-bank-of-england?utm_source=chatgpt.com\">Decrypt<\/a>)<\/li>\n<li>The coordination with the U.S. is also strategic: cross-border flows of digital assets, global payment networks, and harmonised regulation reduce regulatory arbitrage and promote global financial stability. (<a title=\"Bank of England to reportedly align stablecoin regulations with the US\" href=\"https:\/\/thepaypers.com\/crypto-web3-and-cbdc\/news\/bank-of-england-to-reportedly-align-stablecoin-regulations-with-the-us?utm_source=chatgpt.com\">The Paypers<\/a>)<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"UK_vs_US_How_they_compare\"><\/span>UK vs US: How they compare<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"United_States\"><\/span>United States<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The U.S. recently passed (or is in the process of implementing) legislation for stable-coins (for example the GENIUS Act) that enables banks and financial institutions to issue fiat-backed stable-coins. (<a title=\"UK Stablecoin Regs Coming 'Just as Quickly' as US\" href=\"https:\/\/decrypt.co\/347578\/uk-stablecoin-regs-coming-just-as-quickly-as-us-bank-of-england?utm_source=chatgpt.com\">Decrypt<\/a>)<\/li>\n<li>The U.S. regime is seen as moving fast, and the BoE is using that as a benchmark.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"United_Kingdom\"><\/span>United Kingdom<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The UK\u2019s framework is still <strong>being finalised<\/strong>; the consultation is forthcoming (Nov 10) and rules are intended to be operational in the near term (potentially by end of next year) if the timeline holds. (<a title=\"BOE Says UK Stablecoin Rules Will Be in Place 'as Quickly ...\" href=\"https:\/\/www.coindesk.com\/policy\/2025\/11\/06\/uk-stablecoin-rules-will-be-in-place-as-quickly-as-the-u-s-boe-says-bloomberg?utm_source=chatgpt.com\">CoinDesk<\/a>)<\/li>\n<li>The UK\u2019s proposed holding caps for individuals and businesses are <strong>more stringent<\/strong> than many expected, which is drawing scrutiny from the crypto industry. (<a title=\"Crypto groups hit out at Bank of England plan to limit stablecoin ownership\" href=\"https:\/\/www.ft.com\/content\/d80b21d7-2c7b-4727-ace9-4f752c057c7b?utm_source=chatgpt.com\">Financial Times<\/a>)<\/li>\n<li>The UK is emphasising the distinction between \u201csystemic\u201d stable-coins (those with the potential to become universal payment rails) vs less-systemic ones (which will face lighter regulation). The systemic ones will be particularly subject to BoE oversight. (<a title=\"Bank of England's Breeden urges closer UK-US stablecoin collaboration\" href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/bank-englands-breeden-bangs-drum-uk-us-stablecoin-collaboration-2025-11-05\/?utm_source=chatgpt.com\">Reuters<\/a>)<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Key_takeaways_where_to_watch\"><\/span>Key takeaways &amp; where to watch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>The BoE is telling the market: UK stable-coin regulation will <strong>not lag<\/strong> the U.S.; it intends to keep pace.<\/li>\n<li>But \u201cjust as quickly\u201d does <em>not<\/em> mean <em>identical<\/em>. Differences in financial structure (banking, mortgage funding) mean the UK will chart its own path albeit broadly aligned.<\/li>\n<li>The consultation (Nov 10) and subsequent final rules will be <strong>critical<\/strong>. Industry participants should pay close attention to:\n<ul>\n<li>How \u201csystemic\u201d stable-coins are defined.<\/li>\n<li>The exact cap levels and whether they apply universally or just to \u201csystemic\u201d ones.<\/li>\n<li>The transitional nature of caps and the criteria for any relaxation.<\/li>\n<li>How cross-border stable-coins\/issuers will be treated (e.g., issued outside the UK).<\/li>\n<li>The interplay with existing UK regulation (via Financial Conduct Authority) and with US regulation.<\/li>\n<\/ul>\n<\/li>\n<li>For UK firms and international stable-coin issuers, this means planning ahead: compliance, risk-assessment, holding limits, custody models, and cross-border licensing\/registration may all shift.<\/li>\n<li>For users, the holding caps may become real constraints (at least initially) and that suggests caution when treating stable-coins as a \u201cbank substitute\u201d.<\/li>\n<li>Here are <strong>case studies<\/strong> and <strong>commentary<\/strong> around the Bank of England (BoE)\u2019s announcement that UK stable-coin regulation is moving \u201cjust as quickly\u201d as in the US \u2014 including how the industry is reacting, how the UK is structuring its regime, and what lessons are emerging. I\u2019ll split the discussion into: (1) key regulatory design features \/ comments by the BoE and UK authorities, (2) real-world industry \/ market responses (case studies), and (3) major risks &amp; implications.<br \/>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"1_Regulatory_design_official_comments\"><\/span>1. Regulatory design &amp; official comments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Key_comments\"><\/span>Key comments<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>At a conference in November 2025, Deputy Governor Sarah Breeden stated the UK\u2019s stable-coin regulatory regime will be operational \u201cjust as quickly as the U.S.\u201d. (<a title=\"BOE Says UK Stablecoin Rules Will Be in Place 'as Quickly as the U.S.:' Bloomberg\" href=\"https:\/\/www.coindesk.com\/policy\/2025\/11\/06\/uk-stablecoin-rules-will-be-in-place-as-quickly-as-the-u-s-boe-says-bloomberg?utm_source=chatgpt.com\">CoinDesk<\/a>)<\/li>\n<li>She noted that given the UK\u2019s mortgage and banking system differences (UK mortgages are more often directly with commercial banks vs. the US model), the UK sees a need for <em>holding limits<\/em> on stable-coins for individuals and firms as part of the transitional model. (<a title=\"BOE Says UK Stablecoin Rules Will Be in Place 'as Quickly as the U.S.:' Bloomberg\" href=\"https:\/\/www.coindesk.com\/policy\/2025\/11\/06\/uk-stablecoin-rules-will-be-in-place-as-quickly-as-the-u-s-boe-says-bloomberg?utm_source=chatgpt.com\">CoinDesk<\/a>)<\/li>\n<li>The BoE\u2019s 2023 discussion paper lays out that if stable-coins become used in \u201csystemic payment systems\u201d they will be regulated under the same risk \/ same outcome principle as other systemic payment systems. (<a title=\"Regulatory regime for systemic payment systems using stablecoins and related service providers | Bank of England\" href=\"https:\/\/www.bankofengland.co.uk\/paper\/2023\/dp\/regulatory-regime-for-systemic-payment-systems-using-stablecoins-and-related-service-providers?s=09&amp;utm_source=chatgpt.com\">Bank of England<\/a>)<\/li>\n<li>The BoE emphasises in responses to its earlier discussion paper that temporary limits may be used to manage transition risk (for example, deposit outflows from bank deposits into stable-coins) while the system adapts. (<a title=\"Responses to the Bank of England\u2019s Discussion Paper on new forms of digital money | Bank of England\" href=\"https:\/\/www.bankofengland.co.uk\/paper\/2022\/responses-to-the-bank-of-englands-discussion-paper-on-new-forms-of-digital-money?utm_source=chatgpt.com\">Bank of England<\/a>)<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Regulatory_features_as_currently_envisioned\"><\/span>Regulatory features as currently envisioned<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The UK regime categorises stable-coins by scale: \u201cnon-systemic\u201d stable-coins (smaller scale) will have lighter regime; \u201csystemic payment systems using stable-coins\u201d (i.e., widely used in retail payments) will have a heavy-duty regime (BoE oversight) under the expanded powers from the Financial Services and Markets Act 2023. (<a title=\"Regulatory regime for systemic payment systems using stablecoins and related service providers | Bank of England\" href=\"https:\/\/www.bankofengland.co.uk\/paper\/2023\/dp\/regulatory-regime-for-systemic-payment-systems-using-stablecoins-and-related-service-providers?s=09&amp;utm_source=chatgpt.com\">Bank of England<\/a>)<\/li>\n<li>The BoE consultation (scheduled for 10 Nov 2025) is expected to propose <strong>holding caps<\/strong>: e.g., ~\u00a320,000 for individuals, ~\u00a310 million for businesses (for \u201csystemic\u201d stable-coins) at least initially. (<a title=\"BOE Says UK Stablecoin Rules Will Be in Place 'as Quickly as the U.S.:' Bloomberg\" href=\"https:\/\/www.coindesk.com\/policy\/2025\/11\/06\/uk-stablecoin-rules-will-be-in-place-as-quickly-as-the-u-s-boe-says-bloomberg?utm_source=chatgpt.com\">CoinDesk<\/a>)<\/li>\n<li>The BoE and the Financial Conduct Authority (FCA) have published papers together: the FCA\u2019s discussion around stable-coin issuance\/holding, and BoE\u2019s around payment-system scale. (<a title=\"FCA and Bank of England publish proposals for regulating stablecoins | Bank of England\" href=\"https:\/\/www.bankofengland.co.uk\/news\/2023\/november\/fca-and-bank-of-england-publish-proposals-for-regulating-stablecoins?utm_source=chatgpt.com\">Bank of England<\/a>)<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Key_official_reasoning_rationale\"><\/span>Key official reasoning \/ rationale<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The BoE is seeking to protect <strong>financial stability<\/strong>, especially given the risk that large-scale stable-coins could function like bank deposits (or substitutes) and lead to deposit outflows from banks, which undermine credit creation. The BoE Governor Andrew Bailey has spoken to that effect. (<a title=\"Widely-used stablecoins need to be regulated like money, BoE's Bailey says\" href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/widely-used-stablecoins-need-be-regulated-like-money-boes-bailey-says-2025-10-01\/?utm_source=chatgpt.com\">Reuters<\/a>)<\/li>\n<li>The rationale for holding limits, meanwhile, is the transitional phase: until the new form of money (via stable-coins) is well-understood, caps help moderate the shift of funds out of traditional deposits. (<a title=\"Responses to the Bank of England\u2019s Discussion Paper on new forms of digital money | Bank of England\" href=\"https:\/\/www.bankofengland.co.uk\/paper\/2022\/responses-to-the-bank-of-englands-discussion-paper-on-new-forms-of-digital-money?utm_source=chatgpt.com\">Bank of England<\/a>)<\/li>\n<li>Modular\/regime flexibility: the BoE notes that different legal entities might perform different roles (issuer, settlement, wallet\/custody) and the regime is designed to fit business-model diversity. (<a title=\"Regulatory regime for systemic payment systems using stablecoins and related service providers | Bank of England\" href=\"https:\/\/www.bankofengland.co.uk\/paper\/2023\/dp\/regulatory-regime-for-systemic-payment-systems-using-stablecoins-and-related-service-providers?s=09&amp;utm_source=chatgpt.com\">Bank of England<\/a>)<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"2_Market_industry_case_studies_reactions\"><\/span>2. Market \/ industry case studies &amp; reactions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Here are two illustrative case studies (one from industry reaction and one from bank\/market behaviour) plus commentary.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Case_Study_A_Industry_reaction_%E2%80%93_stable-coin_ownership_limits\"><\/span>Case Study A: Industry reaction \u2013 stable-coin ownership limits<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The proposal of holding caps (individual ~\u00a310-20k, businesses ~\u00a310 m) has drawn strong criticism from the crypto industry: e.g., Coinbase\u2019s VP of international policy (Tom Duff Gordon) said:<br \/>\n<blockquote><p>\u201cImposing caps on stablecoins is bad for U.K. savers, bad for the City and bad for sterling.\u201d (<a title=\"UK Crypto Groups Criticize Bank of England\u2019s Proposed Stablecoin Caps\" href=\"https:\/\/www.coindesk.com\/policy\/2025\/09\/15\/bank-of-england-s-proposed-stablecoin-ownership-limits-are-unworkable-says-crypto-group\/?utm_source=chatgpt.com\">CoinDesk<\/a>)<\/p><\/blockquote>\n<\/li>\n<li>Industry groups argue enforcement will be difficult (needs digital identity \/ wallet tracking) and that the UK would be more restrictive than the US or EU, making it less competitive for fintech\/crypto firms. (<a title=\"UK Crypto Groups Criticize Bank of England\u2019s Proposed Stablecoin Caps\" href=\"https:\/\/www.coindesk.com\/policy\/2025\/09\/15\/bank-of-england-s-proposed-stablecoin-ownership-limits-are-unworkable-says-crypto-group\/?utm_source=chatgpt.com\">CoinDesk<\/a>)<\/li>\n<li>The BoE responded by emphasising the limits are <strong>temporary<\/strong> and meant to allow a safe transition. (<a title=\"Bank Of England Calms Crypto Market Fears, Says Stablecoin Limits Are \u201cTemporary\u201d\" href=\"https:\/\/www.financemagnates.com\/cryptocurrency\/bank-of-england-calms-crypto-market-fears-says-stablecoin-limits-are-temporary?utm_source=chatgpt.com\">Finance Magnates<\/a>)<\/li>\n<li>Commentary: While the cap-based approach is novel in major jurisdictions (most others put focus on issuer supervision, reserve backing, redemption rights rather than holding caps), it reflects UK\u2019s emphasis on protecting the banking system vis-\u00e0-vis large-scale outflows.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Case_Study_B_UK_banks_tokenised_deposits\"><\/span>Case Study B: UK banks &amp; tokenised deposits<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>In late September 2025, major UK banks (HSBC, NatWest, Lloyds Banking Group, Barclays, etc) launched pilots for <strong>tokenised deposits<\/strong> (blockchain-based digital representation of deposits) for payments, remortgaging, digital asset settlement \u2014 after the BoE\u2019s warnings about stable-coins. (<a title=\"UK banks press on with tokenised deposits after BoE stablecoin warning\" href=\"https:\/\/www.reuters.com\/business\/finance\/uk-banks-press-with-tokenised-deposits-after-boe-stablecoin-warning-2025-09-26\/?utm_source=chatgpt.com\">Reuters<\/a>)<\/li>\n<li>The BoE governor Andrew Bailey encouraged banks to focus on tokenised deposits rather than private stable-coins, positioning banks\u2019 digital deposits as the safer route to digital money. (<a title=\"UK banks press on with tokenised deposits after BoE stablecoin warning\" href=\"https:\/\/www.reuters.com\/business\/finance\/uk-banks-press-with-tokenised-deposits-after-boe-stablecoin-warning-2025-09-26\/?utm_source=chatgpt.com\">Reuters<\/a>)<\/li>\n<li>Commentary: This shows how regulatory signals (BoE scepticism of stable-coins) are already shifting industry behaviour: banks are moving towards regulated, tokenised deposit models rather than purely private stable-coins, arguably aligning more with the BoE\u2019s desired direction.<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"3_Implications_lessons_what_to_watch\"><\/span>3. Implications, lessons &amp; what to watch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Implications\"><\/span>Implications<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>For issuers of stable-coins and fintech firms in the UK: there\u2019s clarity that a major regulatory regime is coming soon (consultation Nov 10 2025) and that the UK aims to keep pace with the US. That creates urgency.<\/li>\n<li>For banks\/traditional financial institutions: the shift suggests banks may gain advantage if they act early on tokenisation and digital-money innovation within the regulated system, rather than being sidelined by un-regulated stable-coins.<\/li>\n<li>For consumers and retailers: stable-coins may still play a role in payments, but initial holding\/transaction limits mean they won\u2019t immediately replace bank money or deposits for large flows.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Key_lessons\"><\/span>Key lessons<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>\u201cSame risk, same outcome\u201d is a guiding principle: new digital money must face equivalent regulatory outcomes to traditional money\/ payment systems. (BoE discussion paper) (<a title=\"Regulatory regime for systemic payment systems using stablecoins and related service providers | Bank of England\" href=\"https:\/\/www.bankofengland.co.uk\/paper\/2023\/dp\/regulatory-regime-for-systemic-payment-systems-using-stablecoins-and-related-service-providers?s=09&amp;utm_source=chatgpt.com\">Bank of England<\/a>)<\/li>\n<li>Transitional tools (holding limits, phased roll-out) are being used to manage uncertainty in digital money adoption (in recognition of deposit outflow, bank-credit creation risks).<\/li>\n<li>Regulatory alignment matters: UK industry wants alignment with the US so that cross-border business isn\u2019t disadvantaged. (<a title=\"CryptoUK Backs US-Aligned Stablecoin Rules to Restore Market Confidence\" href=\"https:\/\/cointelegraph.com\/news\/uk-stablecoin-rules-aligned-with-us-crypto-confidence-cryptouk?utm_source=chatgpt.com\">Cointelegraph<\/a>)<\/li>\n<li>Structural differences between jurisdictions matter: UK\u2019s banking\/mortgage structure leads to different risk-profiles vs. US, and that explains the UK\u2019s different choices (e.g., holding limits) as highlighted by Breeden. (<a title=\"BOE Says UK Stablecoin Rules Will Be in Place 'as Quickly as the U.S.:' Bloomberg\" href=\"https:\/\/www.coindesk.com\/policy\/2025\/11\/06\/uk-stablecoin-rules-will-be-in-place-as-quickly-as-the-u-s-boe-says-bloomberg?utm_source=chatgpt.com\">CoinDesk<\/a>)<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"What_to_watch_for_the_user_industry\"><\/span>What to watch (for the user \/ industry)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong>Definition of \u201csystemic\u201d stable-coins<\/strong>: how many users, transaction volume, flows will trigger the heavy regime? The consultation is expected to clarify.<\/li>\n<li><strong>Final cap levels<\/strong>: will the individual ~\u00a320k and business ~\u00a310 m caps stand? Will they apply only to \u201csystemic\u201d coins or all stable-coins?<\/li>\n<li><strong>Issuer\/reserve rules<\/strong>: how will backing of stable-coins be regulated (liquid assets, high quality liquid assets, central-bank reserves)? The BoE paper lists models like \u201cbank-model\u201d, \u201cHQLA-model\u201d, \u201cdeposit-backed model\u201d. (<a title=\"Responses to the Bank of England\u2019s Discussion Paper on new forms of digital money | Bank of England\" href=\"https:\/\/www.bankofengland.co.uk\/paper\/2022\/responses-to-the-bank-of-englands-discussion-paper-on-new-forms-of-digital-money?utm_source=chatgpt.com\">Bank of England<\/a>)<\/li>\n<li><strong>Cross-border &amp; non-UK issuers<\/strong>: how will stable-coins issued abroad but used in UK payments be treated?<\/li>\n<li><strong>Interaction with bank deposit system<\/strong>: Will stable-coins obtain access to BoE settlement accounts? What will be the treatment of tokenised deposits vs private stable-coins? Governor Bailey has flagged these issues. (<a title=\"Widely-used stablecoins need to be regulated like money, BoE's Bailey says\" href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/widely-used-stablecoins-need-be-regulated-like-money-boes-bailey-says-2025-10-01\/?utm_source=chatgpt.com\">Reuters<\/a>)<\/li>\n<li><strong>Implementation timing<\/strong>: The BoE says \u201cjust as quickly as the U.S.,\u201d but the consultation timeline and final rule-making will determine the real pace. Industry should track the Nov 10 consultation and legislative steps.<\/li>\n<\/ul>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"4_Summary_of_Comments\"><\/span>4. Summary of Comments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>On the positive side, trade bodies like CryptoUK welcome the ambition for rules aligned with the U.S., saying that this \u201cwould provide more confidence to the industry\u201d and help the UK \u201ckeep pace\u201d with global peers. (<a title=\"CryptoUK Backs US-Aligned Stablecoin Rules to Restore Market Confidence\" href=\"https:\/\/cointelegraph.com\/news\/uk-stablecoin-rules-aligned-with-us-crypto-confidence-cryptouk?utm_source=chatgpt.com\">Cointelegraph<\/a>)<\/li>\n<li>On the critical side, crypto firms warn that holding caps are \u201cunworkable\u201d, risk driving business abroad, and are more restrictive than U.S.\/EU regimes. (<a title=\"UK Crypto Groups Criticize Bank of England\u2019s Proposed Stablecoin Caps\" href=\"https:\/\/www.coindesk.com\/policy\/2025\/09\/15\/bank-of-england-s-proposed-stablecoin-ownership-limits-are-unworkable-says-crypto-group\/?utm_source=chatgpt.com\">CoinDesk<\/a>)<\/li>\n<li>The BoE emphasises caution, stability and that the framework is about managing risk rather than stifling innovation \u2014 e.g., Breeden said the limits are less of an issue \u201cin practice than people might think\u201d. (<a title=\"BOE Says UK Stablecoin Rules Will Be in Place 'as Quickly as the U.S.:' Bloomberg\" href=\"https:\/\/www.coindesk.com\/policy\/2025\/11\/06\/uk-stablecoin-rules-will-be-in-place-as-quickly-as-the-u-s-boe-says-bloomberg?utm_source=chatgpt.com\">CoinDesk<\/a>)<\/li>\n<\/ul>\n<hr \/>\n<ul>\n<li><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; What the BoE said At the SALT conference in London, Deputy Governor Sarah Breeden said the UK\u2019s new stable-coin regulatory framework is intended to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,6],"tags":[],"class_list":["post-955559","post","type-post","status-publish","format-standard","hentry","category-gb-news","category-uk-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of England Says UK Stablecoin Regulations Are Advancing \u2018Just as Quickly\u2019 as in the US - UK News &amp; 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