According to Odaily Planet Daily, Bank of England Deputy Governor Sarah Breeden stated that the UK government plans to keep pace with the US in stablecoin regulation, believing that harmonizing rules in this approximately $310 billion industry is "crucial." Speaking at the SALT conference in London, she indicated that the UK will implement a stablecoin regulatory framework "as quickly as the US," in response to concerns that the UK is lagging behind the US. Breeden revealed that the Bank of England will release a consultation paper on stablecoin regulation on November 10th and is currently in communication with US regulators.

This move follows the outcome of a meeting in September between UK Chancellor of the Exchequer Rachel Reeves and US Treasury Secretary Scott Bessent, where they agreed to strengthen regulatory coordination in the cryptocurrency and stablecoin sectors. Previously, several UK crypto industry organizations had criticized the overly conservative regulatory environment, arguing that it was hindering the country's innovation and policy development.

In addition, the Canadian government announced its stablecoin regulatory plan this week, requiring fiat-backed issuers to maintain adequate reserves and establish risk management systems. At the institutional level, Western Union, SWIFT, MoneyGram, Zelle, and other institutions have recently announced the integration of stablecoin solutions. The US Treasury Department predicts that the stablecoin market will grow from the current $310 billion to $2 trillion by 2028. (Cointelegraph)