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GBBC Responds to Bank of England Consultation on Systemic Stablecoins

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GBBC Responds to Bank of England Consultation on Systemic Stablecoins

GBBC has responded to the Bank of England’s consultation on sterling-denominated systemic stablecoins. We welcome the revised approach to backing assets and issuance, and identify several areas where further clarity would support implementation.

Our response focuses on:

  • Redemption during disruption, including the interaction between the Bank’s and FCA’s requirements for systemic issuers.

  • The combined effect of prudential requirements, with each element calibrated to address a distinct risk.

  • Predictable implementation, including transition into joint supervision and an outcomes-based approach to comparable overseas regimes.

These recommendations aim to support reliable redemption and strong protection for coinholders while giving firms a clearer basis for planning.

Read GBBC’s full response here.