🇬🇧 Financial Conduct Authority PS26/10 – Stablecoin issuance

📌 In CP25/14, the FCA introduced the Cryptoasset Sourcebook, covering rules for stablecoin issuers under CRYPTO 2.
📌 The FCA also introduced CASS 16, which sets out how stablecoin backing assets must be safeguarded.
📌 This policy statement confirms the FCA’s final rules and guidance for UK-authorised stablecoin issuers.
📌 It is also supported by a joint publication with the Bank of England, explaining how systemic stablecoins recognised by HM Treasury will be regulated.
📌 The framework clarifies how firms may transition between the FCA regime and the Bank of England regime when a stablecoin becomes systemically important.
Bottom line:
The UK is moving toward a structured stablecoin framework focused on issuer authorisation, asset safeguarding, systemic risk oversight, and a clear regulatory path for stablecoin firms.