The Bank of England on June 22 published its final policy statement for sterling-denominated systemic stablecoin issuers. Reserves must be held as 70 percent in short-term UK gilts and 30 percent in unremunerated Bank of England deposits. The 30 percent unremunerated floor is a reduction from the 40 percent proposed in the November 2025 consultation.
The Bank set a temporary aggregate issuance guardrail of GBP 40 billion per systemic stablecoin product. This replaces the individual holding limits of GBP 20,000 per person and GBP 10 million per business from the original consultation. The Bank stated it will review the guardrail regularly and remove it once credit provision displacement risks are addressed.
The Bank and the Financial Conduct Authority on July 2 jointly set out their approach for regulating systemic stablecoin issuers. Amendments to the Bank's recognised payment systems Code of Practice took effect on June 12. A consultation on the draft Code of Practice for stablecoin issuers remains open.