Financial Services Regulation Committee
11 mars 2026
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Committee House of Lords
00:01 - 00:34
Intervenant 1
Welcome to today's meeting, which is the ninth oral session of the committee's inquiry into growth and proposed regulation of stablecoins. Thank you very much to miss Breeden and miss Mills from the Bank of England for attending to give evidence today. The session is open to the public and is broadcast live and is subsequently accessible via the parliamentary website. A verbatim transcript will be taken evidence and will be put on the parliamentary website. Miss Breeden, I believe you are going to make an opening statement.
00:34 - 02:22
Intervenant 2
Thank you very much, chair, and thanks for inviting Sasha and me today. I wanted to make three points by way of introduction and then briefly touch on three aspects of our regime to help frame, the discussion today. First, we at the Bank of England want to enable sterling stablecoins to be used as money for real world payments. Greater competition in payments could mean merchants seeing cheaper fees than they currently have with credit cards. Customizable conditional payments could increase, the confidence in shopping online and mean fewer late payments for businesses as merchants receive goods, funds automatically on delivery of their goods.
And those making payments cross borders or in financial markets could see lower costs and get access to their funds more quickly through fewer intermediaries. This distributed ledger technology could be applied by banks through tokenized deposits, and we at the bank are also exploring retail and wholesale central bank digital currency. But we do want to see tokenized money issued by non banks, I. Sterling stablecoins as well so we can have what I call a multi money verse with greater choice and competition competition today. Second, I should be clear what our regime is focused on.
Currently, stablecoins are mainly used to support crypto asset trading. The bank's financial policy committee regularly assesses financial stability risk from the crypto market. These are currently limited. And so, crucially, our stable coin regime is not for those nonsystemic coins. They'll be solely regulated by the FCA.
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