Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will ask the Financial Conduct Authority to make an assessment of the adequacy of the (a) security and (b) stability of monies invested in the Tether cryptocurrency.

The government recognises that stablecoins stand to drive important innovation in payments and settlement, but like other financial instruments they also have the potential to cause consumer harm, especially if not properly regulated.

That is why the UK has worked closed with international partners through the Financial Stability Board to develop global standards for cryptoassets and stablecoin. It is also why the government is creating a comprehensive UK regulatory regime under the Financial Conduct Authority for cryptoassets, including to regulate the issuance of stablecoin.