It's not every day a central bank comes on your podcast. But I was delighted to be joined by the Bank of England's Pavel Chichkanov to talk about the new systemic stablecoin regeime in the United Kingdom. We talked about: - The maximum share held in interest-bearing assets has been increased to 70%. - To accommodate scaling for early-stage stablecoins, a "step-up" regime dials down this central bank asset proportion to 5% initially - Instead of individual and business limits on stablecoin holdings. The bank implemented an overall temporary issuance guardrail of £40 billion to protect against a disorderly outflow of bank deposits that could threaten the credit supply to the real economy. - Activity-based rewards—such as cashback tokens or loyalty points linked to transactions in Web3 apps—are explicitly permitted. This is clarity, pragmatism and a real step change. The transitional timeline for a firm scaling from the FCA regime to the Bank of England's systemic regime is expected to take between 12 and 36 months. Applications for a GBP stablecoin to operate in the UK will officially open on September 30, 2026. I want to thank Pavel and the @bankofengland for coming and talking about this stuff with @TokenizedPod