Originally published on Bank of England on 2025-11-10
Bank of England predstavlja viziju za nadzor stablecoina vezanih za funtu
Bank of England predložila je poseban regulatorni režim za sistemske stabilne kriptovalute denominovane u funtama sterlinga, čime se otvara prelomni trenutak za digitalna plaćanja u Velikoj Britaniji. Analiziramo ključne zahtjeve i njihovo značenje za tržište.
When the Bank of England publishes a consultation paper with a foreword by Governor Andrew Bailey, the financial services industry pays attention. Its 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 behind the Bank's proposal is straightforward: stablecoins that become 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 manage systemic consequences 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 accepted for payments — remain solely under FCA supervision. But once a stablecoin crosses into systemic territory, it enters 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 back their tokens. The Bank proposes that systemic issuers hold portions of their backing assets in short-term UK government debt and maintain deposit accounts at the Bank of England itself. This is a notable development: it effectively brings stablecoin issuers into the same financial infrastructure that underpins traditional banking.
For users, this matters because it addresses a key question that has shadowed the stablecoin market from the outset: when you hold a stablecoin, can you actually redeem it at par 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 in fiat currency".
Implications for the digit
Source: Bank of England