Bank of England Deputy Governor Sarah Breeden stated that given rapid innovation in digital payments, the UK does not need to hurry to roll out a retail central bank digital currency (CBDC). Commercial stablecoins and bank tokenised deposits could deliver some of the functions of a digital pound. Breeden stressed that the Bank of England wants domestic firms to develop viable pound stablecoins, offering an alternative to the USD-stablecoin-dominated market, so UK residents and businesses are not forced to rely solely on USD stablecoins for innovative payment services. The Bank of England is also upgrading its real-time gross settlement system to support tokenised financial transactions and round-the-clock instant settlement.