English law has never required sterling/legal tender to settle obligations. Precursor to the Bank of England, the 1694 National Land Bank failed, but its idea of using assets as payment lives on through freedom of contract. Corporates are able to legally settle £trillions in tokenised property, stablecoins or RWAs, therefore bypassing the BOE’s 40/60 regime, holding limits and unremunerated deposits entirely.

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As stablecoins move into regulated mainstream finance, they are shifting from crypto gateways to always-available digital cash for payments, settlement and treasury use. This raises a critical question: how much transactional liquidity could migrate away from bank deposits - traditionally the cheapest funding source for lending? Drawing on Taurus research and global regulatory developments, this article examines potential deposit pressures, balance-sheet implications and the strategic choices banks face as digital money becomes more mobile, competitive and embedded in financial infrastructure.

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Digital money is increasingly shaped by national policy and regulatory design. Whilst authorities are converging on some core principles, they are diverging in how those principles are applied - with implications for organisations seeking to scale across borders. This article explores how regulatory divergence changes the way digital money needs to be designed, and what firms should do in response.

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