Stablecoin Ownership

Lord Brennan of Canton Excerpts

Thursday 16th October 2025 Lords Chamber

[Lord Livermore (Lab)]

The UK Government recognise that facilitating stablecoin innovation is important for UK competitiveness. The Bank of England is the independent regulator for systemic stablecoin and can design its regime as necessary to manage the associated risks. However, it is a matter for the Government to decide whether to recognise firms as systemic and then bring them into the Bank’s regulation. The Treasury and Bank of England maintain a close and ongoing dialogue on the legal and regulatory treatment of stablecoins, in support of the Government’s objective to make the UK a global destination for digital assets.

[Lord Brennan of Canton (Lab)]

My Lords, in the interests of pushing back the frontiers of ignorance, can the Minister explain, in simple words for the benefit of the House, what stablecoin actually is and whether I can receive my old age pension in it—which I am due to start getting from today?

[Lord Livermore (Lab)]

I wish my noble friend a very happy birthday— his question allows me to give him a good present. It is fair to say that, right now, he cannot receive his state pension in stablecoin, but the fact that there is potential for that to evolve highlights the importance of the issues raised in this Question and of having exactly the right regulatory regime going forward.