According to @rovercrc, the UK aims to finish its stablecoin rules by 2026 to keep pace with US crypto policy, source: @rovercrc (X, Oct 18, 2025). The UK’s legal basis to regulate fiat-backed stablecoins used in payments was established under the Financial Services and Markets Act 2023 and subsequent HM Treasury policy updates, source: HM Treasury, Financial Services and Markets Act 2023 and 2023 cryptoasset policy publications. The Bank of England outlined a regime for systemic stablecoin payment systems and issuers in a November 2023 discussion paper, including prudential, backing-asset and redemption requirements, source: Bank of England, November 2023 Discussion Paper on stablecoin regulation. For traders, key milestones to monitor are HM Treasury rulemaking updates and final rules from the Bank of England and the Financial Conduct Authority, which will shape the timeline for GBP stablecoin issuance, custody permissions and payments use in the UK, source: HM Treasury 2023; Bank of England 2023.