News, data and analysis on tokenized assets, market design and digital economic systems.
Its draft Code of Practice for systemic sterling stablecoin issuers, published on 22 June 2026, caps each issuance at £40bn and raises the permitted share of backing assets held in short-term UK government debt from 60% to 70%.
The United Kingdom's central bank, responsible for monetary policy, financial stability and the sterling real-time gross settlement service. On 22 June 2026 it published a policy statement and draft Code of Practice for systemic sterling stablecoin issuers, capping each issuance at £40bn and raising the permitted share of backing assets held in short-term UK government debt from 60% to 70%. With the Financial Conduct Authority it operates the Digital Securities Sandbox, a regulated environment for digital securities running until 8 January 2029.
Developments in which Bank of England is a named party, newest first.
HM Treasury published the first report of its Wholesale Digital Markets Champion, Chris Woolard, on 13 July 2026. The report projects £33bn in annual economic benefit and £14bn in additional tax revenue by 2035 if the UK tokenizes wholesale market…
On 22 June 2026 the Bank of England published a policy statement and draft Code of Practice for sterling systemic stablecoin issuers, dropping proposed individual holding limits…
The Bank of England published a policy statement and draft Code of Practice for issuers of systemic sterling stablecoins, setting a temporary guardrail of £40bn per issuance instead of the individual holding limits it had consulted on. Issuers may hold up to 70% of backing assets in short-term UK government debt, with the remaining 30% in deposits at the Bank; responses are due by 22 September 2026 and regulated stablecoins are expected to operate from 2027.
The Bank for International Settlements reported that the Project Agorá prototype showed tokenisation of central bank reserves and commercial bank deposits can support atomic multi-currency settlement across jurisdictions while leaving each central bank in control of its own money and preserving transaction privacy. Eight central banks and more than 40 private financial institutions took part, and the project said the work would advance to real-value transactions in certain currencies.
The Bank for International Settlements announced Project Agorá, a public-private effort to test tokenised commercial bank deposits alongside tokenised wholesale central bank money on a programmable platform. Seven central banks joined, working with private financial firms convened by the Institute of International Finance.
Fnality completed the first payments on its sterling payment system, with Lloyds Banking Group, Banco Santander and UBS transacting in tokenised central bank money held in an omnibus account at the Bank of England. The system was the first regulated wholesale payment infrastructure of its kind to go into operation.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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