Circle’s president went on CNBC on July 7 and said something that should make every crypto executive pay attention: the UK is treating stablecoins like cash. Not “like cash but with extra steps.” Not “cash-adjacent pending further review.” Actual cash equivalents.
Heath Tarbert, who took over as Circle’s president in January 2025, described the UK’s regulatory approach to fiat-backed stablecoins as “revolutionary.” Coming from a former chairman of the Commodity Futures Trading Commission, that word carries some weight.
What the UK is actually doing
The foundation here is the Financial Services and Markets Act of 2023, which opened the door for stablecoins to be recognized within UK payment systems. The Financial Conduct Authority and the Bank of England have been building on that foundation, with rules being finalized heading into 2027.
Tarbert’s enthusiasm isn’t purely academic. Circle completed its IPO on the NYSE in June 2025, making it one of the most prominent publicly traded companies in the stablecoin space. A regulatory environment that treats its core product as cash rather than some exotic digital instrument is, to put it mildly, good for business.
