Sarah Breeden said tokenization could improve payments and markets as the Bank of England reviews stablecoin limits and proposes near-24/7 settlement hours.
The UK central bank said digital money should remain trusted and interoperable as it weighs stablecoin reforms and near-24/7 settlement to support tokenized markets. The Bank of England is stepping up its focus on digital money, with Deputy Governor Sarah Breeden highlighting tokenization as a potential way to reduce costs, speed settlement and increase competition.
Speaking at London's City Week on Tuesday, Breeden said tokenization — the representation of assets and money on digital ledgers — could improve theBreeden stressed that central bank money will remain the foundation, or “anchor,” of the monetary system, even as private-sector innovations such as She said the central bank is working with industry, government and regulators to build a framework that supports innovation without undermining financial stability.
“Alongside traditional bank deposits, people should be able to pay with tokenized bank deposits, regulated stablecoins and, potentially, a retail central bank digital currency ,” she said, according to aof the speech. “More competition, from a wider range of technologies and business models, should lower costs and improve functionality for users. ”in January that "retail CBDC is not strictly required to preserve uniformity, but may play a valuable supporting role, particularly as transactional use of cash declines.
"In the proposal, the central bank said longer operating hours would help support cross-border payments and securities settlement as tokenization and other digital asset technologies continue to evolve.to pound-sterling-denominated stablecoins, including whether to ease limits on how much consumers can hold. The review is intended to reduce friction for early adopters as policymakers seek to strengthen the UK’s position as a competitive hub for digital assets.in recent months as officials engage more closely with industry groups and revisit earlier proposals that would have imposed stricter reserve and backing requirements.
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