The Daily Peg
The BoE opens the door to sterling-denominated stablecoin competition as it pushes ahead with a far more accommodative regulatory stance than originally laid out.
Editorial hello
The Bank of England has finally confirmed what it has been signaling for many months: that the highly conservative and cautious regulatory framework it originally proposed for sterling stablecoins in November, 2025, will be watered down.
It’s a win for the UK stablecoin industry. It also puts the BoE on a very different stablecoin trajectory to that of the ECB.
In other news, Noelle Acheson and I will be testing a new podcast, Monetary Forces, at 4 p.m. CET time on Tuesday, June 23 (aka tomorrow). We plan to kick things off by reviewing the latest BIS chapter on stablecoins, which comes out tomorrow.
