On 10 November 2025, the Bank of England (BoE) published two papers that could materially reshape how payments and certain financial services operate in the United Kingdom. The first is a consultation paper, “Proposed regulatory regime for sterling-denominated systemic stablecoins.” This sets out a proposed prudential and supervisory regime for those sterling-denominated stablecoins that are so widely used in payments that HM Treasury determines that they are ‘systemic’ (Systemic Stablecoins). The second paper, “The role of holding limits for sterling-denominated systemic stablecoins and a potential digital pound,” examines the key financial stability considerations for holding limits for Systemic Stablecoins. 

In our latest briefing note, we set out the key features of the BoE’s consultation on a regulatory regime for Systemic Stablecoins, including what the BoE means by ‘systemic’.

This article was originally published by Law 360 on 4 December 2025.