Stablecoins and the Digital Pound: UK Sources

Describes how the Bank of England and the FCA will jointly regulate stablecoin issuers recognised as systemic by HM Treasury, while the FCA alone regulates other UK-issued qualifying stablecoins.

The Bank of England's formal reply to the Lords stablecoin report, explaining the move from individual holding limits to an issuance guardrail and its backing-asset and redemption rules.

The Financial Policy Committee's assessment of the financial stability risks posed by cryptoassets and DeFi, finding direct risks to the UK limited at the time but capable of growing.

HM Treasury's formal reply to the Lords committee's stablecoin report, setting out the government's position on stablecoins in payments, systemic designation, safeguards and the 2027 timetable.

Update on a year of digital pound design work, noting that no decision has been taken to issue one and that a decision on next steps is expected later in 2026.

House of Lords committee report (HL Paper 6) on the growth and risks of stablecoins and on the FCA and Bank of England's proposed regimes, with responses from the Bank, FCA and HM Treasury published in September 2026.

Policy statement setting out the Bank's final approach to systemic sterling stablecoin issuers (including dropping individual holding limits in favour of a temporary issuance cap) and consulting on a draft Code of Practice due to be finalised by end-2026.

Plain-English Bank of England explainer on what stablecoins are, how they differ from Bitcoin and from a central bank digital currency, and how the Bank proposes to regulate them.

The Bank of England's plain-English explainer on what a digital pound would be, how it would be held through wallets, and its possible benefits; no decision to issue one has been made.