The Bank of England (BoE) is reportedly aiming to establish a stablecoin regulatory framework by the end of 2026 as it seeks to keep pace with other jurisdictions opening their financial systems to these digital assets. According to a Bloomberg report citing anonymous sources, the central bank plans to launch a consultation process on this topic on Nov. 10.

The bank’s broader objective is to help the United Kingdom (UK) keep pace with the U.S., which passed stablecoin legislation this year. Meanwhile, the anonymous sources revealed that the BoE is leaning towards a regime that favors backing stablecoins with bonds or government debt. Such a move would create natural demand for UK bonds and treasury bills.

Until recently, the BoE had been under pressure from the UK Treasury, which was reportedly dissatisfied with the central bank’s pace on the issue. Officials argued that the U.K. was losing ground to other jurisdictions due to the central bank’s ultra-cautious approach to the issue. Critics argue that the BoE’s slow pace is giving the U.S. the first-mover advantage, a situation officials may later rue.

However, with the BoE now seemingly signaling its readiness to move forward, industry players are urging it to hasten the process. Katharine Braddick, head of strategic policy at Barclays and a former Treasury official, said the UK must increase the tempo if it wants to compete with the U.S.

“We are about to experience a period of probably swifter policy and regulatory development, as well as strategic policy work, certainly on the UK end,” Braddick is quoted as saying. “The US is really setting us a challenge with the pace and ambition and scope of what they’re trying to achieve.”

Despite the BoE softening its stance, Governor Andrew Bailey remains concerned about what he sees as “significant gaps and inconsistencies” between different stablecoin regimes that could pose risks to financial stability.

• What is the BoE planning for stablecoins? The Bank of England aims to regulate stablecoins by the end of 2026.
• Why is the UK moving now? The UK wants to catch up with the U.S., which passed stablecoin laws this year.
• How might stablecoins be backed? The BoE may require stablecoins to be backed by UK bonds or government debt.
• What are the risks involved? Governor Bailey warns of regulatory gaps that could threaten financial stability.

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