Bank of England: Will maintain alignment with the US in stablecoin regulation

Bank of England Deputy Governor Sarah Breeden stated that the UK government plans to synchronize its regulations with the US on stablecoins, considering it "crucial" to harmonize rules in this approximately $310 billion industry. Speaking at the SALT conference in London, she indicated that the UK will implement a stablecoin regulatory framework "as quickly as the US," addressing concerns that the UK is lagging behind. Breeden revealed that the Bank of England will release a consultation paper on stablecoin regulation on November 10th and is currently in communication with US regulators. This move continues the outcome of the September meeting between UK Chancellor of the Exchequer Rachel Reeves and US Treasury Secretary Scott Bessent, where they agreed to strengthen regulatory coordination in the cryptocurrency and stablecoin sectors. Previously, several UK crypto industry organizations had criticized the overly conservative regulatory environment, arguing that it was hindering the country's innovation and policy development. Furthermore, the Canadian government also announced its stablecoin regulatory plan this week, requiring fiat-backed issuers to maintain adequate reserves and establish risk management systems. At the institutional level, Western Union, SWIFT, MoneyGram, Zelle, and other institutions have recently announced the integration of stablecoin solutions. The U.S. Treasury Department projects that the stablecoin market will grow from its current size of $310 billion to $2 trillion by 2028. (Cointelegraph)