Publicado originalmente por Bank of England em 2025-11-10
Banco da Inglaterra Apresenta Visão para Supervisão de Stablecoins de Libra Esterlina
O Bank of England propôs um regime regulatório específico para stablecoins sistêmicas denominadas em libras esterlinas, marcando um momento decisivo para os pagamentos digitais no Reino Unido. Analisamos os principais requisitos e o que eles representam para o mercado.
When the Bank of England publishes a consultation paper with a foreword by Governor Andrew Bailey, the financial services sector takes notice. The November 2025 paper on systemic sterling-denominated stablecoins is no exception — it represents the central bank's most detailed view to date on how digital payment tokens should be regulated in the UK.
Stablecoins as Payment Infrastructure
The core premise of the Bank's proposal is straightforward: stablecoins that become widely used in everyday payments could pose risks to UK financial stability and therefore require regulation proportionate to that risk. This is not a theoretical concern. Global stablecoin transaction volume surpassed US$ 33 trillion in 2025, and the Bank is positioning itself to manage the systemic implications before they materialize, not 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 in payments — remain under the FCA's sole supervision. But once a stablecoin reaches systemic territory, it moves into 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 back their tokens. The Bank proposes that systemic issuers hold portions of their backing assets in short-term UK government debt securities and maintain deposit accounts at the Bank of England itself. This is a notable development: in practice, it places stablecoin issuers within the same financial infrastructure that underpins the traditional banking system.
For users, this matters because it addresses the fundamental question that has shadowed the stablecoin market since its inception: when you hold a stablecoin, can you actually redeem it at par value in fiat currency? The Bank's answer is to require exactly that — "par value stability, a robust legal right, and the ability to always redeem at par value in fiat currency".
Implications for the UK Digital Payments Landscape
The practical implications extend well beyond stablecoin issuers themselves. If the regulatory framework succeeds in creating genuinely stable sterling tokens
Source: Bank of England