Wire · technology
What HM Treasury's Payments Consultation Means for Stablecoins and Open Banking
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Fusion42 · 20 July 2026 · Fusion42 review
HM Treasury published a consultation on 14 July 2026 proposing to integrate stablecoins and tokenised deposits into a single payments regulatory framework alongside fiat money, and to establish statutory rights of access for variable recurring payments (VRP) under FCA oversight. The reforms aim to reduce regulatory fragmentation, prevent dual authorisation burdens, and create space for agentic AI payment systems.
This Wire brief sits within Fusion42's coverage of Fintech, and 2 sources have reported it between 20 Jul 2026 and 21 Jul 2026.
◆ ◆ The Wire takeaway
If you're building stablecoin or tokenised payment infrastructure in the UK, the Treasury just handed you a single rulebook instead of multiple overlapping regimes – but you have nine months to decide whether to apply under the new framework before it locks in October 2027. For open banking companies, the FCA now has teeth to force every bank onto VRP, killing the fragmentation that's kept your product niche.
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2 sources · first reported 20 Jul 2026 · latest 21 Jul 2026
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