Pubblicato originariamente da Bank of England il 2025-11-10
La Bank of England presenta la sua visione per la vigilanza sulle stablecoin in sterline
La Bank of England ha proposto un regime normativo dedicato alle stablecoin sistemiche denominate in sterline, segnando un momento decisivo per i pagamenti digitali nel Regno Unito. Analizziamo i requisiti principali e il loro impatto sul mercato.
When the Bank of England publishes a consultation paper with a foreword by Governor Andrew Bailey, the financial services sector pays attention. The November 2025 paper on systemic sterling-denominated stablecoins is no exception: it represents the most detailed view the central bank has ever set out on how digital payment tokens should be regulated in the UK.
Stablecoins as payment infrastructure
The core premise of the Bank's proposal is clear: stablecoins that become widely used for everyday payments could pose a risk to the UK's financial stability and therefore require regulation proportionate to that risk. This is not a theoretical concern. In 2025, global stablecoin transaction volumes exceeded 33 trillion dollars, and the Bank is positioning itself to manage the systemic implications before they materialize, rather than after.
What sets this proposal apart from earlier regulatory approaches is its focus on the "systemic" threshold. Non-systemic stablecoins — those not yet widely adopted for payments — remain under FCA supervision alone. But once a stablecoin enters systemic territory, it becomes subject to a dual regulatory regime overseen by both the Bank of England and the FCA.
The backing requirements
The most significant aspect of the proposal concerns how stablecoin issuers must ensure their tokens are backed. The Bank proposes that systemic issuers hold part of their backing assets in short-term UK government securities and maintain deposit accounts at the Bank of England itself. This is a notable development: it effectively integrates stablecoin issuers into the same financial infrastructure that underpins the traditional banking system.
For users, this matters because it addresses the fundamental question that has accompanied the stablecoin market since its inception: when you hold a stablecoin, can you actually redeem it at face value in fiat currency? The Bank's answer is precisely to require it — "stability of nominal value, a sound legal claim, and the ability to always redeem at par in fiat currency".
Implications for the UK digital payments landscape
Le implicazioni p
Source: Bank of England