The UK’s Financial Conduct Authority has stated that fiat-backed stablecoins used within the United Kingdom must comply with uniform standards. This directive applies irrespective of whether their issuers are UK-based or not, as emphasized in the FCA’s latest discussion paper released on Monday.

The FCA’s 109-page paper lays out the regulator’s general approach to stablecoins tied to fiat currencies, providing insight into how they might be applied to existing issuers such as Circle and Tether.

Circle (USDC) and Tether (USDT) together account for 87% of total stablecoin market cap, making them the “most widely used stablecoin exchanged and traded on UK exchanges,” according…

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