You are viewing the FCA Handbook Glossary as it appeared on 25/10/2027.

expanded backing assets

in relation to a backing asset pool, the following assets: 

  1. (a) long-term government debt instruments;
  2. (b) units in a fund which is authorised as a public debt CNAV MMF under the Money Market Funds Regulation or the EU MMF Regulation and which meets the following conditions:
    1. (i) all assets held within the fund are denominated in the reference currency of the qualifying stablecoin; and
    2. (ii) assets which are a debt security represent a claim on the UK government or the central government of a Zone A country; and
  3. (c) assets, rights or money held as a counterparty to a repurchase transaction (whether as a repurchase agreement or reverse repurchase agreement):
    1. (i) that has a maximum maturity up to and including 7 days;
    2. (ii) that concerns long-term government debt instruments or short-term government debt instruments; and
    3. (iii) in relation to which the other counterparty is limited to one of the following:
      1. (A) a UK credit institution;
      2. (B) a MIFIDPRU investment firm;
      3. (C) a designated investment firm;
      4. (D) a ‘UK Solvency II firm’ as defined in chapter 2 of the PRA Rulebook: Solvency II Firms Insurance General Application; or
      5. (E) a third country person with a main business comparable to any of the entities referred to in (A) to (D).
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Point In Time
25/10/2027