Market instability in stablecoins will need to be taken into account, the FCA's executive director for markets said.  

The U.K.'s financial regulator and its finance ministry, the Treasury, will scrutinize the collapse of the Terra ecosystem's crypto tokens while creating new rules for crypto assets, Bloomberg reported on Friday.

https://www.coindesk.com/policy/2022/05/20/uk-regulator-to-consider-terra-coins-collapse-in-new-crypto-rules-report/