Financial Services Regulation Committee

18 mars 2026

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Committee House of Lords

00:03 - 00:41
Intervenant 1
To today's meeting, is the eleventh oral session, as part of the committee's inquiry into the growth and regulation of stablecoins.  And thank you to mister Disparti, the chief stress officer and head of global policy and international operations at Circle for attending.  The session is open to the public and is being broadcast live and subsequently accessible via the parliament ary website.  A verbatim transcript will be taken of the evidence and will put on be put on the parliamentary website.  Mister Desparte, I believe you'll be starting with a short opening statement. 

Can I hand over to you? 
00:41 - 01:44
Intervenant 2
That's correct.  Thank you so much.  Chair, members of the committee, thank you for inviting me to give evidence before you today.  The UK stands at a familiar crossroads, whether to lead with clear principles and shape the digital economy according to British standards or to follow importing rules later at greater cost to sovereignty and competitiveness.  You cannot have the economy of the future without the money of the future, and you cannot put new money on old rails. 

Stablecoins are moving from the fringe of finance to the core.  They're already used for trillions in settlement, cross border payments, treasury operations, and as the digital tender of an emerging AI powered economy.  The question is not whether they will exist, but where they will be supervised, which currencies they will reference, and which rule book will prevail.  The UK has an opportunity to design a regime that is both more principled than Europe's MICA and more aligned with the emerging direction of The United States without copying either.  The model is clear. 

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