BoE’s Recalibration and the Global Race for Digital-Finance Leadership

In this paper, we discuss:

• How the Bank of England has recalibrated its stablecoin framework to better balance financial stability with innovation;
• Why the US is increasingly shaping the global regulatory agenda for stablecoins and digital finance;
• How jurisdictions are competing to become leading hubs for digital assets and tokenised finance;
• Why stablecoins are evolving into core infrastructure for tokenised markets and on-chain financial systems;
• How regulators are seeking to promote innovation while limiting financial stability risks and regulatory arbitrage.

Download PDF: Recalibration – July 2026