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On June 30, 2026, the Financial Conduct Authority (FCA) and the Bank of England (BoE) published a joint consultation on their approach to how they, and other relevant authorities, will regulate systemic stablecoin issuers in the UK. The joint approach clarifies how regulatory responsibilities will be divided between the FCA, the Bank of England, and HM Treasury. It establishes a framework for stablecoin issuers to transition from FCA supervision to joint regulation once HM Treasury recognises them as systemic. This transition mechanism ensures that as the stablecoin market develops, firms operating systemic stablecoins will move into a coordinated regulatory regime tailored to their systemic importance. The approach aims to provide clarity and predictability for firms operating in the UK stablecoin market. By setting out the division of responsibilities and the pathway for systemic recognition, the FCA and Bank of England seek to reduce regulatory uncertainty and support market development while maintaining financial stability and consumer protection. This document sets out how the Bank and the FCA will apply the UK’s stablecoin regime jointly to systemic stablecoin issuers. The Bank’s proposed rules can be found in its Policy Statement and consultation on draft Code of Practice , while the FCA’s are available in its Stablecoin Issuance Policy Statement . This consultation sets out the following: How supervisory responsibilities will be allocated where issuers fall within the remit of multiple authorities. Which issuers will be subject to Bank requirements. How Bank requirements interact with FCA rules. How FCA rules apply or will be disapplied when a firm becomes jointly regulated. How transition arrangements will operate where an FCA-authorised stablecoin issuer is recognised by HMT as systemic and brought into the joint regulatory framework. How the Bank intends to apply its rules during the transition period for firms moving to joint regulation. The application of the UK’s stablecoin regime to systemic stablecoin issuers that are recognised as systemic at launch (SaL). Stablecoin issuers currently supervised by the FCA should monitor developments regarding systemic designation, as this will determine whether they transition to joint regulation with the Bank of England and HM Treasury. This consultation closes on September 30, 2026, responses can be made through the web form or by email to CP-systemicstablecoin@bankofengland.co.uk .