Supervision Overview

Stablecoin activity at the interface with each domestic financial system. February 2026, £-equivalent.

Stablecoin→fiat, Feb

£8.39m

across 9 jurisdictions

Domestic-rail interfaces

9 rails

NIP · FPS · SEPA · Raast · FAST · SIC · UAEFTS · QATCH · ACH

Open alerts

3 critical typologies active

SARs / STRs filed, Feb

to 5 national FIUs

Stablecoin→fiat by jurisdiction

Flows

Monthly off-ramp entering each domestic system, £k

🇳🇬 Nigeria (NGN)

£2,125k

🇬🇧 United Kingdom (GBP)

£1,670k

🇺🇸 United States (USD)

£1,415k

🇪🇺 European Union (EUR)

£1,008k

🇦🇪 United Arab Emirates (AED)

£595k

🇸🇬 Singapore (SGD)

£572k

🇨🇭 Switzerland (CHF)

£405k

🇵🇰 Pakistan (PKR)

£393k

🇶🇦 Qatar (QAR)

£209k

Weekly conversion volume

All jurisdictions, stablecoin→fiat, £k, last 12 weeks

W1W12

Volume up 57% over the quarter, concentrated in the NGN and GBP interfaces. Alert rate per £1m has stayed flat: growth is organic corridor demand, not typology drift.

Jurisdiction posture

Regime, FIU channel and domestic settlement interface per jurisdiction

Jurisdiction	Regulators	FIU reporting	Domestic rail	Off-ramp £k	Alerts	Status
🇳🇬Nigeria · NGN	CBN · SEC Nigeria	NFIU	NIP / NIBSS + agent cash-out (*919#)	£2,125k	14	sandbox
🇬🇧United Kingdom · GBP	FCA · Bank of England	NCA (SARs)	Faster Payments / CHAPS via safeguarding bank	£1,670k	9	sandbox
🇺🇸United States · USD	FinCEN · OCC · state MTLs	FinCEN (SAR)	ACH / Fedwire via partner bank	£1,415k	7	gated
🇪🇺European Union · EUR	EBA/ESMA · national NCAs	National FIUs / AMLA	SEPA Instant via EU EMI partner	£1,008k	5	gated
🇦🇪United Arab Emirates · AED	VARA (Dubai) · CBUAE	goAML (UAE FIU)	UAEFTS / IPP via local bank	£595k	6	gated
🇵🇰Pakistan · PKR	SBP · SECP · PVARA	FMU (goAML)	Raast via partner bank	£393k	8	gated
🇸🇬Singapore · SGD	MAS	STRO (STRs)	FAST / PayNow via MPI partner	£572k	3	gated
🇨🇭Switzerland · CHF	FINMA	MROS	SIC via Swiss bank partner	£405k	2	gated
🇶🇦Qatar · QAR	QCB · QFCRA	QFIU (goAML)	QATCH via QFC bank partner	£209k	2	gated