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UK lawmaker calls sterling-backed stablecoin market extremely small

Lord Kulveer Ranger said there is less than 6 million sterling-backed stablecoins in circulation, citing an evidence session with the Bank of England.

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 digital assets, the proposed digital pound, and stablecoins.

In his remarks, he pointed to what he described as a pivotal moment for the future of money and said an evidence session with the Bank of England provided a candid view from the UK’s monetary authority.

Ranger said there is less than 6 million in sterling-backed stablecoins on the market, emphasizing the small size of that segment as the policy debate continues.

The piece frames the discussion around how the Bank of England views stablecoins and their role in the broader shift toward digital forms of money.

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