The Bank of England considers stablecoins as a new form of currency

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Golden Finance reports that on May 14th, Bank of England Executive Director Sasha Mills stated that the Bank of England views stablecoins as “a new form of currency” and will not “pick winners” between tokenized deposits and stablecoins. Mills said that the Bank of England will open applications for “systemic stablecoins” by the end of the year. These stablecoins are widely used for payments and may pose risks to financial stability, and will be regulated by the central bank.
Financial Conduct Authority (FCA) Payments and Digital Assets Director Matthew Long stated that other stablecoins are regulated by the FCA, and GBP-denominated stablecoins still have room to play a role. Mills also pointed out that 99% of stablecoins worldwide are USD-denominated and do not comply with the US GENUIS Act, and the UK is aligned with the US on the timetable.

LONG-24.56%
GENIUS-10.87%
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