Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what is the policy of his department on the introduction of a Government-backed stablecoin.

Stablecoins are predominantly a form of private money. The Government has legislated to create a new regulated activity for issuing certain stablecoins in the UK in line with its goals for delivering world-leading innovation in payments and digital assets.

Separately, HM Treasury and the Bank of England have been undertaking work to assess the case for a potential UK retail central bank digital currency, commonly referred to as a "digital pound". We intend to announce a decision on the digital pound by the end of 2026.