Bank of England to Open Applications for Systemic Stablecoins by Year-End

The Bank of England plans to open applications for systemic stablecoins used in U.K. payments by the end of the year, according to Sasha Mills, an executive at the central bank. According to NS3.AI, Mills emphasized that the bank is considering stablecoins as a new form of money while evaluating both stablecoins and tokenized deposits without favoring any particular option. Meanwhile, Matthew Long, an official from the Financial Conduct Authority (FCA), noted that the FCA has approved four firms in its regulatory sandbox and continues to see a role for GBP-denominated stablecoins.