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Regulator initiatives: digital collateral and digital cash

What regulators and standard setters in the UK, EU, US and globally are doing on digital collateral and on digital cash: consultations and their closing dates, final rules, pilots and roadmaps. Every row links to the authority's own page.

51 initiatives. Sources last checked 1 November 2026. Updated every week.

Add all confirmed dates to your calendar (.ics)

Digital collateral: tokenised securities and fund units as collateral or margin, and the settlement rules around them. Digital cash: wholesale central bank money for tokenised settlement, tokenised bank deposits and regulated stablecoins. Status records only what the authority has published. See also the tokenised collateral watchlist and the conference calendar.

Topic
Jurisdiction
Status

Dates ahead

21 dates

All initiatives

51 items, newest first

  • 29 Oct 2026 · UK Open

    Supervisory expectations for central counterparties seeking to accept tokenised collateralBank of England · Consultation · Digital collateralA draft supervisory statement for CCPs that want to accept tokenised versions of collateral already eligible under the proposed UK CCP Rulebook. No new regime and no change to eligibility; the Bank also asks whether the expectations could later cover tokenised MMF units, regulated stablecoins and tokenised gold.Source: Bank of England, checked 1 Nov 2026 · Our research

    Next: Consultation closes, 12 Feb 2027

  • 29 Oct 2026 · Global Final

    The roles of central banks and central bank money in the evolving payment systemCPMI · Discussion paper · Digital cash (central bank money)Covers fast payments, non-bank providers, tokenised deposits, stablecoins and programmable platforms, and reaffirms central bank money as the settlement asset for systemically important systems. As overseers, central banks would assess whether stablecoins and tokenised arrangements perform FMI-like functions.Source: CPMI, checked 1 Nov 2026

  • 21 Oct 2026 · US Final

    Implementing the GENIUS Act for the issuance of stablecoins by entities subject to the jurisdiction of the OCC (final rule)OCC · Final rule · Digital cash (stablecoins)Final OCC rule setting reserve-asset, redemption, risk-management, capital, custody, audit and application standards for payment stablecoin issuers under OCC jurisdiction, and for certain custody activities of OCC-supervised banks. Anti-money-laundering and sanctions requirements will follow in a separate rulemaking.Source: Federal Register (OCC), checked 1 Nov 2026

    Next: Final rule and GENIUS Act take effect, 18 Jan 2027

  • 15 Oct 2026 · UK Open

    Review of CCP collateral rules: letters of creditBank of England · Consultation · Digital collateralContext, not a tokenisation measure: conditions for CCPs to accept letters of credit as collateral, including from non-financial firms clearing as clients. It amends the same proposed Collateral Part of the CCP Rulebook that the tokenised collateral expectations build on.Source: Bank of England, checked 1 Nov 2026

    Next: Consultation closes, 15 Jan 2027

  • 14 Oct 2026 · EU Announced

    USDC classified as the first significant e-money token in the EUEBA · Decision · Digital cash (stablecoins)Under MiCA, the EBA has classified USDC, issued in the EU by Circle Internet Financial Europe, as significant: the first of 45 notified e-money tokens. From 12 November 2026 the EBA supervises its reserves, liquidity, own funds and recovery and redemption plans, alongside the French ACPR.Source: EBA, checked 1 Nov 2026

    Next: EBA supervision of reserves, liquidity and own funds begins, 12 Nov 2026

  • 12 Oct 2026 · Global Final

    Global Stablecoin Arrangements: Cross-border vulnerabilities and financial stability monitoringFSB · Discussion paper · Digital cash (stablecoins)A note to the G20, sent with the FSB Chair's letter ahead of the October 2026 G20 meeting. It analyses how global stablecoin arrangements are structured, how vulnerabilities can spread across borders, and which data could support monitoring, and outlines further work on implementing the FSB's 2023 recommendations.Source: FSB, checked 1 Nov 2026

  • 9 Oct 2026 · EU Open

    Call for evidence on the use of tokenised collateral in central clearingESMA · Call for evidence · Digital collateralAsks whether, and under what conditions, EU CCPs could use tokenised collateral safely, across digital twins, DLT-native assets and hybrids and their interaction with tokenised cash, including after a clearing member default. It is not intended to widen the categories of eligible collateral.Source: ESMA, checked 1 Nov 2026 · Our research

    Next: Call for evidence closes, 15 Jan 2027

  • 6 Oct 2026 · Global Final

    Assessing Tokenized Money Market Funds as Eligible Collateral Under the ISDA CSAISDA (industry) · Discussion paper · Digital collateralSets out the legal and operational issues in posting tokenised MMF shares as collateral under ISDA collateral documentation: which could be handled through standard amendments or supplements and which need party-specific approaches. ISDA says the paper is not a final statement and invites feedback, with no deadline given.Source: ISDA, checked 1 Nov 2026

  • 6 Oct 2026 · UK Announced

    Digital Gilt Instrument (DIGIT) pilot issuanceHM Treasury · Pilot · Digital collateralA short-dated, digitally native gilt to be issued on HSBC Orion within the Digital Securities Sandbox with on-chain settlement, and expected to be listed on the London Stock Exchange. Six joint lead managers were appointed on 6 October 2026; issuance is expected by Q1 2027.Source: HM Treasury, checked 1 Nov 2026

    Next: Pilot issuance expected by end of Q1 2027, from Jan 2027 (expected)

  • 24 Sep 2026 · EU Final

    EBA priorities for the review of MiCAEBA · Guidance · Digital cash (stablecoins)The EBA judges the rules for issuers of asset-referenced and e-money tokens broadly appropriate, but recommends changes for third-country multi-issuer stablecoin schemes and a review of the minimum share of reserves held as bank deposits.Source: EBA, checked 1 Nov 2026

  • 24 Sep 2026 · US Closing soon

    Implementing the Federal Reserve Board's responsibilities under the GENIUS Act (two proposals)Federal Reserve · Consultation · Digital cash (stablecoins)Proposals for Board-supervised payment stablecoin issuers: full backing with permissible reserve assets such as short-term Treasury bills, capital and risk-management standards, rules for firms that safekeep reserves, and an application process for state member banks that want a stablecoin-issuing subsidiary.Source: Federal Register (Federal Reserve), checked 1 Nov 2026

    Next: Comment period closes, 30 Nov 2026

  • 24 Sep 2026 · US Live

    Staff FAQs on registrant activities relating to crypto assets and blockchain technologies (update)CFTC · Guidance · Digital collateralStaff would not object to tokenised money market fund shares being used as initial or variation margin for uncleared swaps, where the fund is eligible and the tokens carry the same or functionally equivalent rights. FCMs and DCOs may also invest customer funds in tokenised forms of permitted investments, including tokenised government MMFs, subject to conditions.Source: CFTC, checked 1 Nov 2026 · Our research

  • 21 Sep 2026 · EU Live

    Pontes: settlement of tokenised assets in euro central bank moneyECB · Pilot · Digital cash (central bank money)Live since 21 September 2026: wholesale transactions in tokenised assets settle in euro central bank money. Thirteen banks and public institutions, four DLT operators and the Deutsche Bundesbank onboarded at launch; features and operating hours expand step by step.Source: ECB, checked 1 Nov 2026 · Our research

    Next: Full implementation expected by 2028, from Jan 2028 (expected)

  • 14 Sep 2026 · UK Announced

    Joint FCA and Bank of England tokenisation roadmap for wholesale marketsBank of England and FCA · Roadmap · Digital collateralFS26/1 says the FCA and the Bank will publish a joint wholesale tokenisation roadmap later in 2026, with target dates for their work, including follow-up on tokenised collateral and settlement. Not yet published at 1 November 2026.Source: FCA, checked 1 Nov 2026

    Next: Roadmap expected in November 2026 (FCA, 20 October 2026), from Nov 2026 (expected)

  • 14 Sep 2026 · UK Closed

    Tokenised gold: opportunities and risk for UK wholesale markets (call for input)FCA · Call for evidence · Digital collateralAsks whether tokenising physical gold could improve how it is traded, transferred, pledged and held, including as wholesale collateral, and about uncertainty over the collective investment scheme perimeter. Closed 23 October 2026.Source: FCA, checked 1 Nov 2026

  • 1 Sep 2026 · US Closing soon

    Transfer Agent Rules (Release 34-106246)SEC · Consultation · Digital collateralThe first comprehensive rewrite of the transfer agent rules in decades. It modernises recordkeeping to cover electronic and blockchain-based records, and could determine whether an on-chain register can be the official record of tokenised securities and fund units.Source: Federal Register (SEC), checked 1 Nov 2026 · Our research

    Next: Comment period closes, 3 Nov 2026

  • 17 Aug 2026 · US Closed

    GENIUS Act regulations on payment stablecoin issuance, offer and saleUS Treasury · Consultation · Digital cash (stablecoins)Proposed rules defining when a stablecoin is issued, offered or sold in the United States, which decides who needs a licence and which stablecoins US digital asset service providers may offer. Comments closed on 19 October 2026.Source: Federal Register (US Treasury), checked 1 Nov 2026

  • 13 Jul 2026 · US In force

    Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (money market fund collateral amendments)CFTC · Final rule · Digital collateralRemoves the provision that barred shares of money market and similar funds from counting as eligible initial margin for uncleared swaps where the fund's manager uses securities lending or repo, and sets haircuts for those shares. Staff FAQs of 24 September 2026 confirm the change also widens the fund shares usable in tokenised form. Effective 17 August 2026.Source: Federal Register (CFTC), checked 1 Nov 2026 · Our research

  • 30 Jun 2026 · UK Announced

    Digital Securities Sandbox guidance update: stablecoins as a settlement assetBank of England and FCA · Guidance · Digital cash (stablecoins)Since 30 June 2026, sandbox firms that have passed Gate 1 can apply to settle the cash leg in specific UK-issued or non-sterling overseas stablecoins, assessed case by case against requirements aligned with the FCA's qualifying stablecoin regime. This is subject to HM Treasury amending the sandbox regulations; the Bank will use what it observes to inform wholesale settlement after the sandbox.Source: Bank of England, checked 1 Nov 2026

  • 30 Jun 2026 · UK Final

    PS26/10: Stablecoin issuanceFCA · Final rule · Digital cash (stablecoins)Final rules for non-systemic UK-issued qualifying stablecoins (issuance, backing assets, redemption, safeguarding and disclosures), published alongside a joint Bank of England and FCA approach to systemic issuers. Certain stablecoins will be allowed for settlement in the Digital Securities Sandbox to test wholesale use.Source: FCA, checked 1 Nov 2026

    Next: Cryptoasset regime, including stablecoin issuance rules, comes into force, 25 Oct 2027

  • 23 Jun 2026 · Global Final

    Annual Economic Report 2026, chapter III: Anchoring trust in money: innovation beyond stablecoinsBIS · Discussion paper · Digital cash (stablecoins)The BIS finds current stablecoin designs fall short on the core properties of money, in particular redemption at par, and calls for internationally coordinated regulation and for bringing tokenisation into the two-tier system through a unified ledger of tokenised reserves, deposits and assets.Source: BIS, checked 1 Nov 2026

  • 22 Jun 2026 · UK Closed

    Sterling-denominated systemic stablecoins: policy statement and draft Code of PracticeBank of England · Consultation · Digital cash (stablecoins)Final policy for systemic sterling stablecoins (up to 70% of backing in short-term UK government debt, the rest in central bank deposits) and a consultation, closed 22 September 2026, on draft rules. The Bank sees a possible complementary role for stablecoins in wholesale settlement.Source: Bank of England, checked 1 Nov 2026

    Next: Final Code of Practice expected by end-2026, from Dec 2026 (expected)

  • 27 May 2026 · US In force

    Paxos Securities Settlement Company: order granting temporary registration as a clearing agencySEC · Final rule · Digital collateralTemporary registration, for up to 18 months, of a clearing agency acting as central securities depository and settlement system on a permissioned distributed ledger, for bilateral delivery-versus-payment settlement of specified DTC-eligible securities. A regulator-approved route to DLT-based settlement of US securities. Operations may not start sooner than ten months after approval.Source: Federal Register (SEC), checked 1 Nov 2026

    Next: 18-month temporary registration ends unless extended or made permanent, 27 Nov 2027

  • 27 May 2026 · Global Live

    Project Agorá: a shared programmable platform for wholesale cross-border paymentsBIS Innovation Hub · Pilot · Digital cash (central bank money)A public-private project convened by the BIS and the IIF, with seven central banks (the Bank of Canada joined later) and more than 40 financial institutions. Its prototype showed atomic, multi-currency settlement using tokenised central bank reserves and tokenised commercial bank deposits, and the May 2026 report found settlement finality achievable in all seven jurisdictions. Real-value testing in July 2026 settled about CHF 800,000 among 28 institutions and central banks.Source: BIS, checked 1 Nov 2026

  • 20 May 2026 · US Closed

    Proposed revisions to the payment system risk policy and account access guidelines (payment account)Federal Reserve · Consultation · Digital cash (central bank money)Proposes a special-purpose Reserve Bank payment account for legally eligible institutions to settle in central bank money, with no intraday credit, discount window or interest, and a closing-balance cap of up to US$1 billion. It matters for stablecoin issuers and other non-banks seeking direct settlement access. Comments closed on 27 July 2026.Source: Federal Register (Federal Reserve), checked 1 Nov 2026

  • 20 May 2026 · EU Closed

    Targeted consultation on the review of the MiCA RegulationEuropean Commission · Consultation · Digital cash (stablecoins)Asked whether MiCA remains fit for purpose, including the rules for asset-referenced and e-money tokens. Responses feed the Commission's report under MiCA, which may come with a proposal to amend the regulation.Source: European Commission, checked 1 Nov 2026

    Next: Commission report on the application of MiCA due, 30 Jun 2027

  • 19 May 2026 · UK Announced

    Modernising money and markets (speech by Sarah Breeden)Bank of England · Speech · Digital collateralThe Deputy Governor said the Bank aims to support CCP eligibility of tokenised versions of already-accepted collateral and will consider whether tokenised assets should be eligible in the Sterling Monetary Framework, with internal systems upgraded in 2027 to connect to tokenised asset ledgers.Source: Bank of England, checked 1 Nov 2026

  • 18 May 2026 · UK Closed

    Extending RTGS and CHAPS settlement hours: next steps towards near 24x7 settlementBank of England · Consultation · Digital cash (central bank money)Proposes moving RTGS and CHAPS towards near 24x7 settlement: weekend and bank-holiday settlement no earlier than 2029, then 22-hour days no earlier than 2031. Longer central bank money hours support synchronised and tokenised settlement. Responses closed 10 August 2026.Source: Bank of England, checked 1 Nov 2026

    Next: CHAPS to open at 01:30 on weekdays, expected from September 2027, from Sep 2027 (expected)

  • 18 May 2026 · UK Final

    Innovations in the use of deposits, e-money and regulated stablecoins (Dear CEO letter)Bank of England (PRA) · Guidance · Digital cash (tokenised deposits)The PRA expects banks to innovate in retail money through deposits, including tokenised deposits, and to issue any retail e-money or stablecoins from a separate, insolvency-remote, non-deposit-taking entity with distinct branding. Stablecoin issuance limited to wholesale customers is assessed more proportionately, case by case.Source: Bank of England (PRA), checked 1 Nov 2026

  • 18 May 2026 · UK Final

    Prudential treatment of tokenised assets, stablecoins and other cryptoasset exposures (Dear CEO letter)Bank of England (PRA) · Guidance · Digital collateralTokenised traditional assets should, in general, get the same prudential treatment as their non-tokenised equivalents where the legal rights are identical and the risks comparable, including sandbox issuances such as the DIGIT pilot. Unbacked cryptoassets keep a 100% capital requirement; the expectations are interim, and the PRA expects to consult on a new framework in 2028 at the earliest.Source: Bank of England (PRA), checked 1 Nov 2026 · Our research

    Next: PRA consultation on a cryptoasset prudential framework, 2028 at the earliest, from Jan 2028 (expected)

  • 18 May 2026 · UK Announced

    RT2 synchronisation serviceBank of England · Roadmap · Digital cash (central bank money)A synchronisation capability in the renewed RTGS service, for atomic delivery-versus-payment and payment-versus-payment in sterling central bank money against assets on external ledgers, including DLT platforms in the Digital Securities Sandbox. A Synchronisation Lab runs during 2026 for industry to demonstrate use cases and business models.Source: Bank of England, checked 1 Nov 2026

    Next: Live synchronisation service expected in 2028, from Jan 2028 (expected)

  • 18 May 2026 · UK Closed

    The future of tokenisation: a joint vision for UK wholesale financial markets (call for input)Bank of England and FCA · Call for evidence · Digital collateralThe authorities' approach to prudential treatment, tokenised collateral and settlement instruments, with questions on barriers to tokenised securities in wholesale markets. Closed 3 July 2026; the September feedback statement (FS26/1) found collateral mobility the most cited opportunity.Source: FCA, checked 1 Nov 2026 · Our research

  • 30 Apr 2026 · UK In force

    PS26/7: Progressing fund tokenisationFCA · Final rule · Digital collateralFinal guidance on how authorised fund managers can use DLT within the existing framework, including keeping the unitholder register on DLT, plus optional direct-to-fund dealing rules, effective immediately. Tokenised fund units such as MMF units are candidate collateral in the authorities' wider work.Source: FCA, checked 1 Nov 2026 · Our research

  • 7 Apr 2026 · US Closed

    GENIUS Act requirements and standards for FDIC-supervised permitted payment stablecoin issuers and insured depository institutionsFDIC · Consultation · Digital cash (stablecoins)Proposed reserve, redemption, capital and risk-management standards for stablecoin-issuing subsidiaries of FDIC-supervised banks, and requirements for issuers and banks that provide stablecoin custody. It would also clarify that tokenised deposits meeting the statutory definition of a deposit are treated like any other deposit under the Federal Deposit Insurance Act.Source: Federal Register (FDIC), checked 1 Nov 2026

  • 11 Mar 2026 · EU Announced

    Appia roadmap for an integrated European tokenised financial ecosystemECB · Roadmap · Digital cash (central bank money)The Eurosystem's long-term strategy for tokenised wholesale markets anchored in central bank money, assessing how central bank money and collateral services could be provided across DLT networks. The report on its public consultation (127 respondents) was published on 28 October 2026.Source: ECB, checked 1 Nov 2026

    Next: Eurosystem blueprint expected in 2028, from Jan 2028 (expected)

  • 5 Mar 2026 · US Live

    Frequently Asked Questions Regarding the Capital Treatment of Tokenized SecuritiesFederal Reserve, OCC and FDIC · Guidance · Digital collateralJoint FAQs from the three banking agencies on the capital treatment of tokenised securities, including whether a tokenised security can qualify as financial collateral under the capital rule. The rule is technology-neutral and draws no distinction between permissioned and permissionless blockchains.Source: FDIC, checked 1 Nov 2026

  • 28 Jan 2026 · US Live

    Statement on Tokenized SecuritiesSEC · Guidance · Digital collateralA joint statement by staff of three SEC divisions setting out a taxonomy of tokenised securities: issuer-sponsored, and third-party models such as custodial security entitlements and synthetic instruments. A tokenised security remains a security, and the federal securities laws apply as they do to any other.Source: SEC, checked 1 Nov 2026

  • 27 Jan 2026 · EU In force

    DLT-based assets as eligible Eurosystem collateralECB · Final rule · Digital collateralSince 30 March 2026 the Eurosystem accepts marketable assets issued in CSDs using DLT-based services as collateral for its credit operations, if they meet the existing criteria, including settlement in systems reachable through T2S. Separate work is examining whether assets issued and settled entirely on DLT could become eligible; no date is set.Source: ECB, checked 1 Nov 2026 · Our research

  • 11 Dec 2025 · US Live

    No-action letter: DTC's development of the DTCC tokenization servicesSEC · Pilot · Digital collateralStaff no-action relief for a voluntary pilot, running three years from launch, in which DTC participants can hold tokenised security entitlements in eligible securities (US Treasuries, Russell 1000 equities and selected index ETFs) on approved blockchains, while the securities stay on DTC's books. The tokenised entitlements have no settlement or collateral value in DTC's risk management.Source: SEC, checked 1 Nov 2026

  • 8 Dec 2025 · US Live

    No-action position on digital assets accepted as margin collateral (Staff Letter 25-40, reissued as 26-05)CFTC · Pilot · Digital collateralA no-action pilot that lets futures commission merchants accept certain non-security digital assets, including payment stablecoins, as customer margin. For the first three months of reliance, only bitcoin, ether and USDC qualify, with weekly reporting. Reissued on 6 February 2026 so that stablecoins issued by national trust banks also qualify.Source: CFTC, checked 1 Nov 2026

  • 8 Dec 2025 · US Live

    Tokenized Collateral Guidance (CFTC Staff Letter 25-39)CFTC · Guidance · Digital collateralJoint staff guidance on using tokenised real-world assets, including US Treasuries and money market fund shares, as collateral for futures and swaps: eligibility, legal enforceability, segregation, custody and control, haircuts, valuation and operational risk. It states that CFTC rules are technology-neutral.Source: CFTC, checked 1 Nov 2026 · Our research

  • 4 Dec 2025 · EU Announced

    Market Integration and Supervision Package: DLT Pilot Regime and Settlement Finality RegulationEuropean Commission and Council of the EU · Legislation · Digital collateralThe Commission's package would widen the DLT Pilot Regime and replace the Settlement Finality Directive with a regulation that lets DLT-based systems be designated, updating the Financial Collateral Directive to match. The Council agreed the key elements of its position on 9 October 2026; Parliament's position is pending.Source: Council of the EU, checked 1 Nov 2026

    Next: Negotiations with Parliament once it adopts its position; agreement targeted by end-2026, from Dec 2026 (expected)

  • 19 Nov 2025 · Global Announced

    Targeted review of the prudential standard for banks' cryptoasset exposuresBCBS · Roadmap · Digital cash (stablecoins)The Basel Committee agreed in November 2025 to expedite a review of targeted elements of its cryptoasset standard; the GHOS endorsed it in March 2026. The review matters for the capital treatment of stablecoins and tokenised assets that banks hold or use; the elements under review have not been published.Source: BCBS, checked 1 Nov 2026

    Next: Update on the targeted review, expected by end-2026, from Dec 2026 (expected)

  • 11 Nov 2025 · Global Final

    Tokenization of Financial Assets: Final ReportIOSCO · Discussion paper · Digital collateralIOSCO's Fintech Task Force finds tokenisation growing but still nascent: it can shorten settlement cycles and improve collateral mobility, but many market participants still rely on traditional infrastructure for trading and post-trade processes. IOSCO encourages regulators to consider applying its crypto and DeFi recommendations to tokenised assets.Source: IOSCO, checked 1 Nov 2026

  • 16 Oct 2025 · Global Final

    Thematic Review on FSB Global Regulatory Framework for Crypto-asset ActivitiesFSB · Discussion paper · Digital cash (stablecoins)A peer review of how jurisdictions are implementing the FSB's 2023 recommendations on crypto-asset activities and global stablecoin arrangements. It finds progress, less of it for stablecoins, with significant gaps and inconsistencies, and makes eight recommendations.Source: FSB, checked 1 Nov 2026

  • 15 Jul 2025 · UK Final

    Wholesale Financial Markets Digital StrategyHM Treasury · Roadmap · Digital collateralThe government's approach to digitalising UK wholesale markets, including DLT adoption and a Wholesale Digital Markets Champion, whose first report (July 2026) set up industry action groups, one of them on collateral.Source: HM Treasury, checked 1 Nov 2026

  • 25 Jun 2025 · EU Final

    Report on the functioning and review of the DLT Pilot RegimeESMA · Guidance · Digital collateralESMA's statutory review finds limited uptake but growing interest, and recommends making the regime permanent with more flexible thresholds and eligible assets set by the risk of each business model.Source: ESMA, checked 1 Nov 2026

  • 14 May 2025 · Global Final

    Project Pine: central bank open market operations with smart contractsBIS Innovation Hub and Federal Reserve Bank of New York · Pilot · Digital collateralA prototype smart-contract toolkit for monetary policy operations in a tokenised wholesale market: paying interest on reserves, exchanging reserves for collateral, collateral management and asset purchases. It shows how central bank collateral operations could work if securities and payments are tokenised.Source: BIS, checked 1 Nov 2026

  • 12 Dec 2024 · EU Final

    Report on tokenised depositsEBA · Discussion paper · Digital cash (tokenised deposits)Recording a deposit claim on DLT does not, in itself, change its status as a deposit. The report assesses benefits and challenges and aims to promote a consistent approach to telling tokenised deposits apart from e-money tokens issued by banks under MiCA.Source: EBA, checked 1 Nov 2026

  • 30 Sep 2024 · UK Live

    Digital Securities SandboxBank of England and FCA · Pilot · Digital collateralA regulated environment, under a modified legal regime with activity limits, for issuing, trading and settling securities on DLT. HSBC, ClearToken and LSEG have passed Gate 2; the cash leg can settle in tokenised deposits, Bank of England omnibus accounts and, since June 2026, approved stablecoins.Source: FCA and Bank of England, checked 1 Nov 2026

    Next: Sandbox due to end, unless extended by HM Treasury, 8 Jan 2029

  • 17 Jul 2024 · Global Final

    Cryptoasset standard amendments (prudential treatment of banks' cryptoasset exposures)BCBS · Final rule · Digital cash (stablecoins)Targeted amendments to the Basel standard for banks' cryptoasset exposures, mainly clarifying the criteria under which stablecoins qualify for the preferential Group 1b treatment, plus technical amendments. Implementation was agreed for 1 January 2026; selected elements are now under a targeted review.Source: BCBS, checked 1 Nov 2026

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