UK seeks unified regulation for stablecoins and deposit tokens

The UK Treasury is pursuing a single regulatory framework to govern traditional payment services, stablecoins, and deposit tokens, The Block reported. The move aims to innovate the country's payment system and adapt to digital finance trends such as blockchain-based payments and tokenization. The framework will include rules on the issuance of payment-focused stablecoins and expand the Financial Conduct Authority's (FCA) oversight of open banking. Legislation to streamline administrative processes is also planned to lower the barrier to entry for stablecoin payment service providers.