The Bank of England will accept applications for stablecoins, viewing them as a "new form of money."

CoinFeed reported on May 14th, citing Decrypt, that Sasha Mills, Executive Director of the Bank of England, stated that the Bank of England views stablecoins as "a new form of money" and will not "pick a winner" between tokenized deposits and stablecoins. Mills said the Bank of England will open applications for "systemic stablecoins" by the end of the year. These stablecoins are widely used in payments and may pose a risk to financial stability, and will be regulated by the central bank. Matthew Long, Director of Payments and Digital Assets at the Financial Conduct Authority (FCA), stated that other stablecoins are regulated by the FCA, and there is still room for pound-denominated stablecoins to play a role. Mills also pointed out that 99% of global stablecoins are denominated in US dollars and do not comply with the US GENIUS Act, and the UK is on the same timeline as the US.