The Bank of England will open up applications for systematic stablecoins by the end of the year

According to Decrypt, Sasha Mills, Executive Director of the Bank of England, stated that stablecoins are seen as a "new form of currency" and the central bank will not "pick winners" between tokenized deposits and stablecoins. The Bank of England plans to open applications for "systemic stablecoins" by the end of the year, which are widely used for payments and may affect financial stability, and will be regulated by the central bank. Matthew Long, Director of Payments and Digital Assets at the Financial Conduct Authority, stated that other stablecoins are regulated by the FCA, and there is still room for development in pound denominated stablecoins. Mills also mentioned that 99% of stablecoins worldwide are denominated in US dollars and do not comply with the US GENIUS Act, with the UK and US schedules synchronized.