The first roundtable focused on the Bank of England’s draft Code of Practice for systemic stablecoins and the proposed joint Bank of England-FCA regulatory approach. Moving beyond the headline policy choices, participants tested how the regime would work in practice across real business models, payment flows and market infrastructure. Key themes included how the temporary £40bn issuance guardrail would be reviewed and adjusted, what T+0 redemption means once KYC/AML checks and cross-border payment rails are factored in, the treatment of custody and omnibus structures, and the value of a phased transition into systemic supervision. A wider theme was that the UK regime must work across the full stablecoin ecosystem, not only at issuer level.

The second roundtable used GDF’s Global Stablecoin Regulatory Playbook as a framework for discussing international regulatory convergence, functional equivalence and cross-border recognition. With broad agreement across major jurisdictions on what a credible fiat-backed stablecoin regime should achieve, the discussion centred on how different national regimes can interact. Participants explored the distinction between redemption and convertibility, the Bank’s openness to deference for overseas-issued systemic stablecoins, the risks of liquidity fragmentation from multi-issuance requirements, and the role of international standard setters such as the FSB and FATF.

The central takeaway was that the next phase of stablecoin regulation is less about making rules identical and more about building the regulatory trust, evidence and supervisory mechanisms that allow well-regulated stablecoins to operate across borders without unnecessary fragmentation.

Date:
September 2026

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It covers:

(1) the need for a shared taxonomy and classification of stablecoins by risk profile rather than label.

(2) the core building blocks of credible domestic frameworks — reserve composition, redemption rights, and proportionate financial-stability requirements.

(3) two competing models for scaling stablecoins across borders — multi-issuance (unified token, multiple local issuers) versus equivalence/recognition regimes (home-jurisdiction oversight extended abroad) — with examples from the EU, UK, Singapore, and UAE.

(4) three near-term priorities for closing the gap: FSB-aligned gap analyses, presumptive equivalence built on existing bilateral cooperation, and supervisory colleges that assess issuer networks collectively. The report concludes that the regulatory tools already exist and what’s needed now is deliberate adoption, jurisdiction by jurisdiction.

Date: September 2026
Publisher: GFTN, in collaboration with GDF, Ripple, and the Point Zero Forum

The post Global Stablecoin Regulatory Frameworks: Closing the Gap appeared first on GDF.

• Model self-certifications
• Potential transition rules
• Technical rules applying to stablecoins
• Overlap between CRS and CARF in relation to tokenized real-world assets

At the same time, jurisdictions are rapidly publishing draft guidance and final guidance for implementation. With only a few months until these rules take effect in the EU, Switzerland, UK, and many other jurisdictions, now is the time to prepare.
What to Expect from the Webcast

• The background and latest developments from the OECD discussions
• Practical steps that financial institutions and service providers can take now
• Key industry perspectives on implementation challenges and opportunities

This webinar provides a clear, practical view of the rapidly evolving regulatory environment around digital assets and help you get ahead of implementation and compliance challenges.

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• How different forms of money have evolved over time;
• How singleness is defined, its history, and the distinction between singleness in theory and in practice;
• The implications that the interplay of stablecoins and traditional forms of money may have for singleness, including the nature of stablecoins;
• The implications for the integration of stablecoins into the financial services ecosystem;
• The mechanisms by which singleness in practice is currently achieved today; and
• Recommendations for the role of policy in preserving
• singleness.

The post Single-minded? Rethinking our approach to the ‘singleness of money’ could help to reap the benefits of stablecoins appeared first on GDF.

Read the full update from the Summit below.

The post GDF and Hogan Lovells Digital Assets Summit Update appeared first on GDF.

• The Objectives of MiCA
• Who & What Kinds of Activities are Regulated by MiCA
• How MiCA & MiFID II Interact
• What License is Required for Which Assets
• Practical Considerations for Compliance

Publish date: 23.07.2024

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