Circle Internet Financial, in response to the UK HM Treasury's Consultation on Payments Regulation and the Systemic Perimeter, expressed general agreement with the UK government's aim to regulate digital assets, including stablecoins, under existing prudential and conduct frameworks. Circle emphasized the distinct differences between digital assets on public blockchains and traditional payment systems, arguing that conventional regulations may not suit peer-to-peer networks designed to eliminate financial intermediaries. The company sought clarity on how the Bank of England's supervisory powers would apply to stablecoin-related entities and the systemic designation of digital settlement asset firms. Circle also raised concerns about potential activity-based limits for stablecoin issuers, warning that such restrictions could hinder digital asset growth in the UK and undermine the nation's goal to become a hub for digital asset innovation.