BoE: Speech by Sarah Breeden: Building trust and supporting innovation in the multi-moneyverse

Text of Sarah Breeden’s speech of 3 September 2025 follows in which she discusses aspects of the UK payments landscape.  She notes that, further to the 2023 regime for systemic stablecoins consultation, BoE will set out some revised proposals for consultation later this year.  This will include revised proposals that would allow systemic stablecoins to hold a portion of their backing assets in a subset of high quality liquid assets such as short-dated government securities.