Systemic stablecoins are cryptocurrencies pegged to the value of other assets that are in wide enough circulation to potentially disturb broader financial stability, should they fail. Respondents welcomed the central bank’s plans for these types of stablecoins to be supervised by both the BoE and Financial Conduct Authority (FCA), with relevant rules to be set by the bank.
Source: https://www.coindesk.com/policy/2023/08/08/uks-central-bank-forges-ahead-with-plans-for-a-systemic-stablecoin-regime/?utm_medium=referral&utm_source=rss&utm_campaign=headlines