Pubblicato originariamente da Bank of England il 2025-11-10
The Bank of England outlines its vision for supervising sterling stablecoins
La Bank of England ha proposto un regime normativo dedicato alle stablecoin sistemiche denominate in sterline, segnando una svolta importante per i pagamenti digitali nel Regno Unito. Analizziamo i requisiti chiave e il loro impatto sul mercato.
When the Bank of England publishes a consultation paper with a foreword by Governor Andrew Bailey, the financial services sector pays attention. The November 2025 paper on systemic sterling-denominated stablecoins is no exception: it represents the most detailed view the central bank has ever set out on how digital payment tokens should be regulated in the UK.
Stablecoins as payment infrastructure
The core premise of the Bank's proposal is clear: stablecoins that become widely used for everyday payments could pose a risk to the UK's financial stability and therefore require regulation proportionate to that risk. This is not a theoretical concern. In 2025, global stablecoin transaction volumes exceeded $33 trillion, and the Bank is positioning itself to manage the systemic implications before they materialize, rather than after.
What sets this proposal apart from earlier regulatory approaches is its focus on the "systemic" threshold. Non-systemic stablecoins — those not yet widely adopted for payments — remain under FCA supervision alone. But once a stablecoin enters systemic territory, it becomes subject to a dual regulatory regime overseen by both the Bank of England and the FCA.
Backing requirements
The most significant aspect of the proposal concerns how stablecoin issuers must ensure their tokens are backed. The Bank proposes that systemic issuers hold part of their backing assets in short-term UK government securities and maintain deposit accounts with the Bank of England itself. This is a notable development: it effectively integrates stablecoin issuers into the same financial infrastructure that underpins the traditional banking system.
For users, this matters because it addresses the fundamental question that has accompanied the stablecoin market since its inception: when you hold a stablecoin, can you actually redeem it at face value in fiat currency? The Bank's answer is precisely to require it — "stability of nominal value, a robust legal right, and the ability to always redeem at par in fiat currency".
Implications for the UK digital payments landscape
Le implicazioni p
Source: Bank of England