Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of investments by UK banks in stablecoin settlement companies on the UK's competitiveness as a global fintech hub.

The Government recognises that cryptoassets, and tokenised payment and settlement instruments present both significant opportunities and risks for the UK and the rest of the world.

That is why the UK has worked closed with international partners through the Financial Stability Board to develop global standards for cryptoassets and stablecoin. It is also why the Government is creating a comprehensive UK regulatory regime for cryptoassets, including to regulate the issuance of stablecoin.