Circle Internet Financial advocates for a tailored and proportionate regulatory framework for payment stablecoin issuance in the UK, aligning closely with existing e-money issuance regulations. In response to His Majesty's Treasury's Call for Evidence on the UK's Payment Services Regulations, Circle supports integrating payment stablecoins into the UK's financial regulatory regimes, especially following the UK's departure from the European Union. The company values the UK government's ambition to become a hub for financial services innovation and stresses the need for clear regulations and licensing requirements specific to digital asset businesses, due to their use of public distributed ledger technology. Circle also urges HM Treasury to streamline the authorization process for payment institutions to issue e-money based on existing licenses, ensuring the framework is adaptable to the unique needs of stablecoin issuers.