Member

The noble Baroness, Lady Kramer, specifically asked what the Government think about stablecoins. The Government consider that stablecoins have the potential to play a significant role in both retail and wholesale payments. We are already seeing the benefits that stablecoins can provide in cross-border payments, reducing costs and improving efficiency. The Government also recognise that unlocking the full transformative potential for digital assets and blockchain technologies requires payments that interact with them directly, and stablecoins can play an important role in achieving this. It is therefore important for the UK to harness these opportunities in the promotion of the ongoing competitiveness of UK financial services, while it ensures the robust protection of consumers. We believe that they can go hand and hand—we can be innovative, promote growth and look after consumers.