On May 19, 2026, Bank of England Deputy Governor Sarah Breeden outlined a roadmap for a multi-money retail payments system. The plan envisions tokenized bank deposits, regulated stablecoins, and possibly a retail CBDC coexisting alongside traditional deposits.
Draft rules for systemic stablecoins are expected by June 2026, with final regulations by year-end. UK banks could pilot tokenized deposits as early as 2026 or 2027.
Governor Andrew Bailey has raised concerns that stablecoins could pull deposits from banks, weakening lending. He supports tokenized deposits, which keep liabilities on bank balance sheets. The Bank stays focused on broad digital currency regulation without singling out specific stablecoins.