You are viewing CASS 16.3 Holding backing assets as it appeared on 25/10/2027. The current version of CASS 16.3 Holding backing assets was last updated on 25/10/2027.

CASS 16.3 Holding backing assets

25/10/2027R

CASS 16.3.2R is to be read as imposing requirements on a firm separately in relation to each qualifying stablecoin product.

25/10/2027R

A firm must:

  1. (1) maintain adequate arrangements to safeguard the rights and interests of qualifying stablecoin holders in a backing asset pool; and
  2. (2) prevent the use of any money or assets comprising a backing asset pool for its own account.

Segregation of assets for different qualifying stablecoin products

25/10/2027R

A firm which is a qualifying stablecoin issuer in relation to more than 1 qualifying stablecoin product must ensure that the backing asset pool for each qualifying stablecoin product is:

  1. (1) kept separate and distinct from the backing asset pool held for any other qualifying stablecoin product;
  2. (2) held in different and distinct accounts from the backing asset pool for any other qualifying stablecoin product; and
  3. (3) managed independently from the backing asset pool for any other qualifying stablecoin product.
25/10/2027G

CASS 16.3.3R requires separation of the money and assets in the backing asset pool for each qualifying stablecoin product. This would not prevent a firm engaging the services of the same bank or third-party custodian to hold the money or assets in a backing asset pool in connection with different qualifying stablecoin products provided appropriate separation could be achieved.

Receipt of qualifying stablecoin funds

25/10/2027R

CASS 16.3.6R is to be read as imposing requirements on a firm separately in relation to each qualifying stablecoin product.

25/10/2027R

A firm must promptly pay qualifying stablecoin funds into a backing funds account or invest them in assets held in a backing assets account.

Point In Time
25/10/2027