The UK's stablecoin regime: a two-tier framework for non-systemic and systemic issuers

The UK has established a two-tier stablecoin regulatory framework: non-systemic stablecoins regulated by the FCA under UKQS standards, and systemic stablecoins subject to joint FCA and Bank of England oversight once HM Treasury designates them as systemically important. The distinction creates different requirements for reserves, redemption, safeguarding, capital, and liquidity based on systemic risk.

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