In brief: Bank of England presents its management plan for stablecoins

The Bank of England has just taken a structural step by publishing its new directive and a draft Code of Conduct, setting out the detailed framework for the regulation of Sterling-backed stables and paving the way for their deployment from 2027 onwards.

The Bank of England's stated objective is to support a secure innovation around stables, making stables issued in the UK a form of digital trust currency.

The new framework is part of a joint work with the Financial Conduct Authority (FCA) and takes into account feedback from the consultation launched in 2025. Among other things, the Bank of England's earlier ambitions to limit the holding of stables to between £10 000 and £20 000 for individuals and £10 million for businesses. Finally, it chooses to limit the total issue volume per stablecoin to £40 billion and increases from 60% to 70% the share of these assets that can be made up of short-term public debt securities.

A global dynamic

This announcement is part of a trajectory started in 2020. It also extended the momentum opened in 2025 with the creation of the Digital Pound Lab, a laboratory for functional and technological experimentation around a possible central bank ebook. The set draws up a coherent strategy: to test and then legally frame new forms of digital, public (MNBC) and private (stablecoins) money.

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