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

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