Crypto executives urged UK to create national stablecoin strategy
The UK’s current definition of stablecoins is seen as misleading, with calls to recognise them as essential digital payment rails for finance.
Thirty crypto executives have urged Finance Minister Rachel Reeves to adopt a national stablecoin strategy, warning the UK could fall behind faster-moving markets. Their letter warned that the UK could remain a ‘rule-taker’ in digital assets without regulation.
The executives criticised the UK’s current legal definition of stablecoins as outdated and misleading, likening it to defining a cheque merely as’ paper concerning currency.’
They argue that stablecoins should be recognised as digital payment rails already used globally. Signatories include Coinbase, Kraken, Copper, Fireblocks, BitGo, and VanEck leaders, calling for regulation that treats stablecoins as financial infrastructure rather than risks.
Analysts stress stablecoins remain essential, acting as the ‘cash equivalent’ for digital assets and enabling faster blockchain transfers than traditional banking.
Industry experts, including HSBC’s Daragh Maher, emphasised that growth depends on a suitable regulatory environment. Clear rules could strengthen the UK’s global financial role and let stablecoins play a key part in its digital finance system.
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