How long can the 'temporary' in the temporary issuance cap last? The art of regulation is about leaving room for interpretation.

The Deputy Governor of the Bank of England, Breeden, stated at City Week 2026 that future strategies will focus on tokenization to promote the modernization of the financial system. Multi-currency payments should include tokenized deposits, regulated stablecoins, and potential retail CBDCs, utilizing shared ledgers to reduce costs, accelerate processes, and minimize intermediaries. The central bank will release a draft of systemic stablecoin regulations next month, finalize them by the end of the year, and may set a temporary issuance cap; it encourages banks to adopt new technologies in their own currencies and ensure that tokenized deposits can be paid across banks. It will also advance the Digital Gilt pilot, announce conclusions on CBDC design stages by the end of the year, and emphasize that regulators, governments, and the industry will jointly deepen the tokenized financial ecosystem.