Bank of England: Will align stablecoin regulatory pace with the United States

According to Mars Finance, Sarah Breeden, Deputy Governor of the Bank of England, stated that the UK government plans to align its stablecoin regulations with the United States, believing that coordinating rules between the two countries in this approximately $310 billion industry is “crucial.” At the SALT conference in London, she pointed out that the UK will implement a stablecoin regulatory framework “as quickly as the United States” to address concerns that the UK is lagging behind the US. Breeden revealed that the Bank of England will release a consultation document on stablecoin regulation on November 10 and is in communication with US regulators. This move continues the results of a meeting between UK Chancellor of the Exchequer Rachel Reeves and US Treasury Secretary Scott Bessent in September, when both sides agreed to strengthen regulatory coordination in the fields of Crypto Assets and stablecoins. Previously, several organizations in the UK's crypto industry criticized the regulatory environment as being overly conservative, believing this puts the country behind in innovation and policy. Additionally, the Canadian government also announced its stablecoin regulatory plan this week, requiring fiat-backed issuers to maintain sufficient reserves and establish a Risk Management system. At the institutional level, organizations such as Western Union, SWIFT, MoneyGram, and Zelle have recently announced the integration of stablecoin solutions. The US Treasury Department expects the stablecoin market size to rise from the current $310 billion to $2 trillion by 2028.