UK Adds Stablecoin Innovation to Bank of England's Mandate

The UK government is planning to add innovation in stablecoins and digital money to the Bank of England's official mandate, alongside maintaining financial stability.

This comes amid criticism that the Bank has taken a restrictive approach to stablecoins, leaving the UK behind other major jurisdictions.

The global stablecoin market is valued at around $310 billion, but less than 0.5% of this market is denominated in British pounds.