Question to the HM Treasury:

To ask the Chancellor of the Exchequer, further to the HMRC policy paper, Taxation of stablecoins, of 13 July 2026, whether Tether will be an eligible stablecoin.

The proposed definition of an ‘eligible stablecoin’ is broad so as to include a range of different models. After the proposed stablecoin legislation is enacted, HMRC will look to assist taxpayers by setting out in guidance its view of whether the largest stablecoins currently in use are 'eligible stablecoins'.