Question to the HM Treasury:

To ask His Majesty's Government what plans they have to regulate pound sterling-backed stablecoin; and what assessment they have made of the impact of the United States GENIUS Act on any such regulation.

The Government has confirmed that it will bring forward final legislation this year to create a financial services regulatory regime for cryptoassets in the UK. The Government recognises the growth and competitiveness opportunities of stablecoins, and its regime will allow firms to be licensed in the UK to issue stablecoins.

Following the passing of the GENIUS Act by the US Congress, the Government’s approach to cryptoassets positions the UK well to work with the US in advancing our shared ambition to foster world-leading cryptoasset markets.