The Bank of England (BoE) will begin accepting applications for systemic stablecoins by the end of the year, according to Sasha Mills, Executive Director at the BoE. These stablecoins, which are widely used for payments and could impact financial stability, will be regulated by the central bank. The BoE aims to treat stablecoins as a new form of money without favoring tokenized deposits over stablecoins. Matthew Long, Director of Payments and Digital Assets at the Financial Conduct Authority (FCA), highlighted that while the FCA regulates other stablecoins, there is potential for growth in pound-denominated stablecoins. Mills also pointed out that 99% of global stablecoins are dollar-denominated and do not comply with the U.S. GENIUS Act, noting the UK's alignment with the U.S. regulatory timeline.