UK plans Bank of England stablecoin objective

Britain plans a new statutory objective for the Bank of England centered on stablecoins, with financial stability retaining its primary duty. Under the proposal the central bank would report annually to Parliament on the new objective.

The move reflects regulators seeking formal footing for dollar- and pound-pegged tokens as stablecoin activity grows in the UK market. Details of how the mandate would interact with existing bank supervision were not specified in the initial report.