TLDR Mark Fairless, CEO of ClearBank, advocates developing British pound stablecoins to maintain the UK’s financial competitiveness. Fairless stresses that the UK risks falling behind in global finance if it does not create a stablecoin backed by the British pound. The Bank of England is developing regulatory frameworks for stablecoins to ensure their safe integration [...] The post UK Must Develop Pound Stablecoins to Stay Competitive in Finance appeared first on Blockonomi.TLDR Mark Fairless, CEO of ClearBank, advocates developing British pound stablecoins to maintain the UK’s financial competitiveness. Fairless stresses that the UK risks falling behind in global finance if it does not create a stablecoin backed by the British pound. The Bank of England is developing regulatory frameworks for stablecoins to ensure their safe integration [...] The post UK Must Develop Pound Stablecoins to Stay Competitive in Finance appeared first on Blockonomi.
UK Must Develop Pound Stablecoins to Stay Competitive in Finance
TLDR
- Mark Fairless, CEO of ClearBank, advocates developing British pound stablecoins to maintain the UK’s financial competitiveness.
- Fairless stresses that the UK risks falling behind in global finance if it does not create a stablecoin backed by the British pound.
- The Bank of England is developing regulatory frameworks for stablecoins to ensure their safe integration into the country’s financial system.
- Sarah Breeden, Deputy Governor of the Bank of England, confirms the UK will align its stablecoin regulations with international efforts.
- The UK government has released a consultation paper on stablecoin regulations, with industry feedback due by February 2026.
Mark Fairless, CEO of ClearBank, emphasized the importance of creating British pound stablecoins to keep the UK’s financial services sector competitive. In an interview at Web Summit 2025 in Lisbon, Fairless explained that stablecoins are crucial for international payments. He stated that the UK risks falling behind if it does not develop a stablecoin backed by the British pound.
Need for Pound Stablecoins in the Global Payment System
Fairless argued that stablecoins are an efficient way to reduce friction in international transactions. He highlighted that while a British pound stablecoin will never match the market size of the US dollar or euro stablecoins, it is essential for the UK. “The ability to settle payments internationally in real-time requires a GBP stablecoin,” Fairless said, adding that the UK’s financial services market will be impacted without it.
He also warned that failing to adopt stablecoin technology would leave the UK at a disadvantage as global financial markets continue to evolve. Stablecoins are becoming increasingly relevant as countries move toward on-chain finance and digital currencies. The UK needs to adapt to this shift to maintain its financial standing globally.
Bank of England’s Approach to Stablecoin Regulation
The Bank of England is actively considering the regulatory landscape for stablecoins in the UK. Sarah Breeden, the Bank’s deputy governor, confirmed that the UK will align its stablecoin regulations with those in the US. However, she also cautioned that the country must avoid regulations that would introduce systemic risks to the banking sector.
In response to growing interest in stablecoins, the Bank of England released a consultation paper. The document outlines proposed reserve requirements, asset taxonomy, and risk management for stablecoin issuers. The consultation period will last until February 2026, with final regulations expected later in the year.
The post UK Must Develop Pound Stablecoins to Stay Competitive in Finance appeared first on Blockonomi.
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