The Bank of England is preparing to introduce a new mandate for stablecoins

The House of Lords will consider amendments to the Financial Services and Markets Bill on September 7 and 9. The changes would require the central bank to report annually to Parliament on innovations in the payments system. The Bank of England’s mandate would apply to payment systems using digital settlement assets such as stablecoins. Financial stability would remain the regulator’s primary objective.

The proposal comes amid the U.K.’s experiments with digital payment systems and closer coordination with the U.S. In addition, Circle has signed a sponsorship deal with London football club Chelsea. According to media reports, the deal could be worth up to £65 million a year ($88 million).