The Payments Association Urges Bank of England to ‘Stop Stifling’ Stablecoins in 2026 Manifesto

The Payments Association, the trade body representing the UK payments industry, has launched its Payments Manifesto 2026, calling on regulators to remove barriers to digital innovation and demanding greater accountability from Big Tech in the fight against fraud. Launched at the House of Commons, the manifesto—titled Making Britain a Payments Powerhouse—outlines 77 policy recommendations crowd-sourced from over 150 industry professionals. The document argues that for the UK to retain its status as a global leader, payments must be treated as “strategic national infrastructure.” Unlocking the digital economy One of the manifesto’s most forceful recommendations concerns the regulation of digital assets. The Association explicitly calls for the Bank of England to “stop stifling progress” regarding stablecoins, warning that current restrictions risk leaving the UK behind in the global digital finance economy. Specific technical demands include the removal of holding limits on systemic stablecoins, improvements to the backing assets ratio, and the lifting of the wholesale ban. Riccardo Tordera-Ricchi, director of policy and government relations at The Payments Association, commented on the urgency of getting the regime right: “On inclusion, we must better grasp the opportunities offered by digital money and first get the stablecoins regime right. We are still far from it. But we applaud the government for including financial education in its financial inclusion strategy.” Big Tech must share the burden Financial crime remains a top priority, with the manifesto advocating for a stricter National Fraud Strategy. The trade body insists that social media companies and telecommunications providers must bear…

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