Opprinnelig publisert av Bank of England den 2025-11-10
Bank of England skisserer sin visjon for tilsyn med pund-stablecoins
Bank of England har foreslått et eget reguleringsregime for systemiske stablecoins denominert i pund – et vendepunkt for digitale betalinger i Storbritannia. Vi ser nærmere på de viktigste kravene og hva de betyr for markedet.
When the Bank of England publishes a consultation paper with a foreword by Governor Andrew Bailey, the financial industry pays attention. The November 2025 paper on systemically important sterling-denominated stablecoins is no exception – it sets out the central bank's most detailed vision yet for how digital payment tokens should be regulated in the United Kingdom.
Stablecoins as payment infrastructure
The core premise of the bank's proposal is straightforward: stablecoins widely used for everyday payments could pose a risk to UK financial stability, and therefore require regulation proportionate to that risk. This is not a theoretical concern. Global stablecoin transaction volumes exceeded $33 trillion in 2025, and the bank is positioning itself to address the systemic consequences before they materialize rather than afterwards.
What sets this proposal apart from earlier regulatory approaches is its focus on the "systemically important" threshold. Non-systemic stablecoins – those not yet widely used for payments – remain under the supervision of the FCA alone. But once a stablecoin crosses into systemically important territory, it enters a dual regulatory regime, overseen by both the Bank of England and the FCA.
Requirements for backing assets
The most significant aspect of the proposal concerns how stablecoin issuers must back their tokens. The bank proposes that systemic issuers hold part of their backing assets in short-term UK government debt and maintain deposit accounts with the Bank of England itself. This is a remarkable development: in effect, it brings stablecoin issuers into the same financial infrastructure that underpins traditional banking.
For users, this matters because it addresses the fundamental question that has shadowed the stablecoin market from the start: when you hold a stablecoin, can you actually redeem it at par value in fiat currency? The bank's answer is to require precisely that – "stability of nominal value, a robust legal claim, and the ability to always redeem at par in fiat currency".
Implications for the UK digital payments landscape
The practical implications extend far beyond stablecoin issuers themselves. If the framework succeeds in creating genuinely stable, well-regulated
Source: Bank of England