Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions he has had with the (i) Financial Conduct Authority and (ii) Bank of England on the regulatory implications of increased cross-border use of stablecoins between the UK and the United States.

The Government has had close and ongoing engagement with the Financial Conduct Authority and Bank of England on the UK approach to stablecoin regulation, including the risks and opportunities associated with cross-border use cases.

This engagement has supported the development and implementation of the UK’s domestic stablecoin regime, and facilitated international cooperation through initiatives such as the UK-US Transatlantic Taskforce for Markets of the Future. The Taskforce recommendations set out a shared, forward-looking agenda to advance UK-US financial services collaboration, focussing on digital assets and capital markets.