The FCA has laid the foundations for a new conduct and prudential regime for Stablecoin issuers and custodians in two of its recent consultation papers, CP25/14 and CP25/15. The final rules are expected in 2026 and will be implemented through amendments to the FCA's Client Assets (CASS) sourcebook and a new Cryptoasset Sourcebook (CRYPTO). We've produced a briefing on the key takeaways for stablecoin issuers in CP25/14 – the first in a series of briefings we at AG are producing on the new cryptoasset regulatory regime. This is the second briefing in the series which is designed to highlight some of the key requirements under CP25/14 focusing on safeguarding qualifying cryptoassets and their means of access, such as private keys, to ensure consumer protection and market integrity.