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ARTICLE · 04 DECEMBER 2025

Proposed Rules From The Bank Of England To Regulate Systemic Stablecoins

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This supplements the May 2025 FCA consultation paper on the regulation of non-systemic stablecoin issuers and custodians.

United StatesTechnology
Musonda Kapotwe
Musonda Kapotwe
Oliver Yaros
Oliver Yaros
Peter Pears
Peter Pears
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This update explains the Bank of England's (the "BoE") proposed regime for regulating sterling‑denominated systemic stablecoinissuers and payment system operators (and other service providers recognised as systemic in the supply chain) as set out in its consultation paper issued on 10 November 2025; in particular its impact on banks and other participants in wholesale financial markets.

This supplements the May 2025 FCA consultation paper on the regulation of non-systemic stablecoin issuers and custodians.

Who and what does the proposed regime apply to?

  • It applies to systemic sterling stablecoins used for certain wholesale and retail UK payments.
  • It captures issuers of stablecoins, payment system operators using stablecoins, and other entities recognised by HM Treasury as systemically important in their supply chains. The BoE states this may include cloud outsourcing providers, encryption software providers, or firms providing the digital infrastructure to

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