Stablecoins: FCA publishes policy statement with final rules for non…

The FCA has finalised rules for non-systemic UK-issued stablecoins, covering issuance, backing assets, redemption, and safeguarding. Key changes include simplified backing asset composition requirements, daily reconciliation mandates, allowance for limited intragroup custodians, and a 5% excess tolerance in backing pools to reduce operational friction. If you're building a UK stablecoin, the FCA just lowered the operational cost of staying compliant: you can now hold up to 5% excess in backing pools without constant rebalancing, use internal custodians instead of always needing external ones, and skip the reconciliation forecast guessing game. That runway buys you time to scale before the systemic regime kicks in.