Originally published on Bank of England 2025-11-10
Bank of England predstavila viziju nadzora nad stablecoinom vezanim za funtu
Banka Engleske predložila je poseban regulatorni režim za sistemski značajne stablecoine denominovane u funtama sterlinga, čime se otvara prelomni trenutak za digitalna plaćanja u Ujedinjenom Kraljevstvu. U nastavku analiziramo ključne zahtjeve i njihov značaj za tržište.
When the Bank of England publishes a consultation paper with a foreword by Governor Andrew Bailey, the financial services industry takes notice. The November 2025 paper on systemic 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 Britain.
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 financial stability of the United Kingdom, and therefore require regulation proportionate to that risk. This is not a theoretical concern. Global stablecoin transaction volumes surpassed $33 trillion in 2025, 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 a "systemic" threshold. Non-systemic stablecoins — those not yet widely adopted for payments — remain supervised solely by the FCA. But once a stablecoin crosses into systemic territory, it enters a dual-regulation 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 back their tokens. The Bank proposes that systemic issuers hold a portion 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: it effectively brings stablecoin issuers into the same financial infrastructure that underpins traditional banking.
For users, this matters because it addresses a fundamental question that has shadowed the stablecoin market since its inception: when you hold a stablecoin, can you truly redeem it at par value in fiat currency? The Bank's answer is that this is precisely what is required — "stability of nominal value, a firm legal claim, and the ability to always redeem at par value in fiat currency."
Implications for the digital payments landscape in
Source: Bank of England