UK Politicians Unite to Supercharge Stablecoins: Will the BOE Keep Up?
A cross-party coalition of U.K. lawmakers is pressing Chancellor Rachel Reeves to overhaul the Bank of England's proposed stablecoin regulations, arguing that the current framework risks stifling innovation and driving capital abroad. The group, including prominent figures like Sir Gavin Williamson and Baroness Verma, emphasized stablecoins' growing role in global finance, with transaction volumes hitting $27.6 trillion in 2024—surpassing Visa and Mastercard combined.
Citibank projects stablecoin transactions could exceed $100 trillion by 2030, cementing their status as critical infrastructure for payments and settlements. Lawmakers warn that the BOE's restrictive draft rules may push developers and liquidity to more accommodating jurisdictions, leaving the U.K. behind in the next financial revolution.
