Bank of England officials said the central bank views stablecoins as a new form of money and plans to open applications for systemic stablecoins by the end of the year. Under the UK framework, stablecoins used widely for payments will be regulated by the Bank of England, while other stablecoins will fall under the Financial Conduct Authority. Officials also said 99% of global stablecoins are dollar-denominated, underscoring the current market concentration as the UK finalizes its regulatory approach.