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UK House of Lords peer says Bank of England is listening, cautious

Ranger said the UK has less than $6 million in sterling-backed stablecoins outstanding and linked the Bank's caution to financial stability risks from stablecoins.

Reported · Written up by our desk · Regulation

Lord Kulveer Ranger, a Member of the UK House of Lords and co-chair of the All-Party Parliamentary Group on Digital Markets and Digital Money, discussed the Bank of England’s stance on digital assets, systemic stablecoins, and the digital pound.

Writing around a May 2026 evidence session, Ranger said the Bank is “listening” and “cautious” after 18 months of UK regulatory debate, adding that the central bank is trying to understand how innovation is unfolding in real time.

Ranger argued that stablecoins are no longer theoretical, saying they could enable faster, cheaper, and more programmable payments when properly structured, but could also introduce risks that reach core financial stability if handled improperly.

He also pointed to the current scale of sterling-backed stablecoins, saying there is less than $6 million in them on the market.

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