The House of Lords Financial Services Regulation Committee today
invites submissions to its new inquiry on the growth and proposed
regulation of stablecoins in the UK.
The committee is seeking evidence on the following questions:
- How has the global market for, and the issuance of,
stablecoins developed since 2014? How does the UK market compare
to the US and the EU?
- How is the sterling denominated stablecoin market in the UK
expected to develop in the coming years?
a. Who uses stablecoins and for what purposes?
b. Are there any existing regulatory rules impacting the growth
of stablecoins in the UK?
- What opportunities and risks does the growth of stablecoins
(both denominated in sterling and in USD) pose for the UK's
economy and its financial services sector and retail customers?
What evidence is there to suggest that this growth could disrupt
the conduct of monetary policy and traditional financial
intermediaries? Are there any additional financial crime
considerations involved?
- How will the growth of stablecoins impact the Bank of
England, PRA and FCA's statutory objectives: price stability,
financial stability, market integrity, consumer protection,
competition and international competitiveness and growth?
- What implications do the Bank of England and the FCA's
proposed regulatory regimes pose for the adoption and growth of
systemic and non-systemic stablecoins in the UK, and
internationally?
a. Are there any aspects of the Bank of England and FCA's
proposed stablecoin regulatory regimes that present challenges
or require further consideration?
- What can the UK learn from the way other jurisdictions have
approached the regulation of stablecoins, such as the US and the
EU?
Commenting on the launch of the new inquiry, The DBE, Chairman of the
Financial Services Regulation Committee, said:
“We have launched this inquiry to assess the opportunities and
risks that the growth of stablecoins may present for the UK
financial services sector and the wider economy, and whether the
Bank of England and FCA's proposed regulatory frameworks provide
measured and proportionate responses to these developments. We
welcome evidence and views from anyone with expertise or interest
in this area.”
The deadline for the submission of written evidence is
23:59 on Wednesday 11 March 2026.
Read the call for evidence
to find out how to submit evidence.
