This is Clearing Spotlight — Where markets meet clarity, and institutions navigate liquidity, risk, and infrastructure.
In this episode, Andrew Mackenzie, Founder and CEO at Agant, joins us to explore the future of digital sterling, GBP stablecoins, and the regulatory frameworks shaping institutional crypto adoption in the UK.
Drawing on years of experience in corporate FX and payments infrastructure, Andrew explains how trust structures, proof-of-reserves, and multi-chain design can make stablecoins viable for institutional use.
With the UK responsible for 40% of global FX trading volume, the stakes are enormous: "Will USD stablecoins dominate everything, or can non-USD digital currencies compete?" This conversation explores the future of money, regulation, and global liquidity infrastructure.
Key topics include:
• Why the UK’s lack of stablecoin regulation could accelerate digital dollarization
• Whether GBP stablecoins can compete with USD in the digital asset economy
• The real difference between trust-backed stablecoins vs exchange-issued tokens
• Why proof-of-reserves and legal trust structures matter for institutional investors
• Whether yield-bearing stablecoins are still “digital cash”
• How stablecoins could upgrade FX settlement and cross-border payments
• Why multi-chain compatibility is critical for institutional adoption
• The role of CHAPS and traditional payment rails in a tokenized future
Why This Matters:
Stablecoins are quickly becoming core infrastructure for global finance. But the key question remains: "Who will issue them—and who will trust them?"
This episode explores how regulation, technology, and institutional trust will shape the next phase of the digital asset economy.
Listen to the full episode:
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Episode Timeline:
00:00 Intro – The future of the Digital Pound
01:12 Andrew Mackenzie’s background in FX and payments
03:05 Why the UK risks digital dollarization without stablecoin regulation
05:32 Can GBP stablecoins compete with USD dominance?
08:10 Should yield-bearing stablecoins be treated like digital bonds or CDs?
10:45 Why AGANT uses commodity-backed reserves
13:20 What the UK stablecoin framework must get right
16:05 CBDC vs private stablecoins – which model will win?
19:18 FCA caps on systemic stablecoins – impact on the market
22:10 Proof of reserves and trust structures explained
25:05 Hard forks, blockchain risk, and protecting stablecoin value
28:12 Trust-backed stablecoins vs exchange-issued tokens
31:40 Why institutional investors care about legal security
34:22 Can stablecoins replace traditional FX settlement rails?
38:05 The operational limits of CHAPS and legacy payment systems
41:10 Why multi-chain stablecoins matter for institutions
44:00 Yield vs liquidity – what institutions actually want
46:55 Instant bank-to-stablecoin conversion for institutions
49:20 The future of stablecoins in global finance
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