On 3 September 2025, the Bank of England (BoE) published a speech by Sarah Breeden (Deputy Governor, Financial Stability) entitled Building trust and supporting innovation in the multi-moneyverse.
In her speech Sarah Breeden sets out her vision for a ‘multi-money’ system where different forms of money including traditional and tokenised commercial bank deposits, stablecoins and central bank money are freely exchangeable – delivering the benefits of innovation to UK households and businesses, whilst safeguarding trust in money itself.
Key points in the speech include:
- In April of this year, the BoE launched its new Real Time Gross Settlement service – RT2. RT2 has functionality which can enable settlement in central bank money for assets traded and settled in other systems, including those traded ‘on-chain’ in programmable and distributed ledgers. Next year the BoE will launch its synchronisation lab that will allow central bank settlement to be fully integrated with transactions happening on other ledgers.
- A blueprint, due to be published next year, will set out the key design elements necessary to support the BoE and HM Treasury in assessing the policy case for a digital pound.
- The BoE’s DLT innovation challenge is looking at whether wholesale central bank money can be transacted and settled on an external programmable ledger outside of the control of the central bank.
- The BoE has been listening attentively to feedback on its 2023 proposals for a regulatory regime for systemic stablecoins. The BoE will be setting out some revised proposals for consultation later this year, including revised proposals that would allow systemic stablecoins to hold a portion of their backing assets in a subset of high-quality liquid assets such as short-dated government securities.
- Later this year the UK’s Payments Vision Delivery Committee will publish its strategy and a Payments Forward Plan.