Looks like UK regulators are carving out room for stablecoins to actually work as payments — simple transfers and cash exchanges could slide through with less friction. But don't get it twisted, lending with return rights, crypto-to-crypto swaps, and setups where custody sticks around are still squarely in the regulatory crosshairs. Payments get a green light, yield and custody plays don't — classic regulator move, reward the boring use case, squeeze the risky one.