Deputy Governor Sarah Breeden says the UK aims to align with the US on stablecoin oversight as both nations coordinate to regulate the $310 billion market.
UK Promises Regulatory Parity with the US
The Bank of England (BoE) has pledged to move “just as quickly as the US” in implementing stablecoin regulations, with Deputy Governor Sarah Breeden emphasizing that regulatory synchronization between the allies is “really important.”
Speaking at the SALT Conference in London on Wednesday, Breeden said the BoE’s upcoming stablecoin consultation paper, set for release on Nov. 10, will lay the groundwork for a UK framework designed to mirror the pace of U.S. efforts.
Her remarks come months after the U.S. passed the landmark GENIUS Act in July — a comprehensive bill that set clear rules for stablecoin issuance and reserve management.
“I’ve been talking to the Federal Reserve,” Breeden said. “The regulators over there and our finance ministries are working together.”
Bank of England Deputy Governor Sarah Breeden said new stablecoin rules will be up and running “just as quickly as the US,” rebuffing industry concerns that Britain is falling behind on setting up a regime https://t.co/rCO8nJmdLF
Breeden’s comments follow growing criticism that the UK has fallen behind global peers in crypto and stablecoin innovation. Advocacy groups have accused regulators of stifling growth through overly cautious policies.
In September, UK Chancellor Rachel Reeves and U.S. Treasury Secretary Scott Bessent held a meeting to strengthen transatlantic cooperation on digital asset and stablecoin oversight, aiming to harmonize standards between the two financial hubs.
The BoE faced backlash last year after proposing limits on individual stablecoin holdings between £10,000 and £20,000 ($13,000–$26,000) — a move industry groups said would be “impractical and costly to enforce.”
Global Momentum for Stablecoin Rules
The UK’s renewed urgency comes as Canada also moves to regulate the space. On Tuesday, the Canadian government unveiled plans requiring fiat-backed stablecoin issuers to maintain sufficient reserves and implement robust risk management protocols.
The reforms are part of Canada’s broader plan to modernize payments and promote faster, cheaper, and safer digital transactions for its 41.7 million citizens.
Corporate Stablecoin Adoption Accelerates
Institutional and corporate interest in stablecoins continues to grow. Payment giants such as Western Union, SWIFT, MoneyGram, and Zelle have either integrated or announced plans to integrate stablecoin payment rails in recent months.
The U.S. Treasury estimates the global stablecoin market — currently valued at $310 billion — could expand to $2 trillion by 2028, underscoring the increasing importance of regulatory clarity.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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