On 23 September 2026, Taurus hosted a private dinner discussion on the evolution of tokenised money and payments in the UK ahead of the new crypto-asset regime taking effect on 25 October 2027. While regulatory clarity may encourage Stablecoin issuance, safeguards for bank lending mean Tokenised Deposits are likely to prevail domestically, despite current limitations in cross-bank payments. As digital wallets reshape payments, foreign exchange and capital markets, established financial institutions face both risks and opportunities, from London’s potential as an offshore centre for US dollar Stablecoins to the adoption of programmable money. Yet uncertainty over the commercial case for investment continues to drive fragmentation, raising questions about how institutions can achieve interoperability through collaboration between technology vendors and financial market infrastructures.

Moderated by Future of Finance, the private discussion brought together senior representatives from Tier 1 banks, financial market infrastructures, payment providers and Stablecoin issuers. This summary was written by Future of Finance, which is fully responsible for its content, and reflects a range of opinions expressed during the discussion.