Bank of England to Ease Stablecoin Restrictions Amid Industry Pressure

The Bank of England (BOE) is set to relax its proposed restrictions on stablecoin holdings following criticism from the digital asset industry, according to the Financial Times. The BOE's initial plan included a cap of 20,000 pounds ($27,000) per coin and a requirement for at least 40% of stablecoin-backing assets to be deposited with the central bank. Sarah Breeden, deputy governor for financial stability, acknowledged the measures might have been 'overly conservative' and expressed openness to alternative approaches. The industry argued these restrictions could hinder the U.K.'s competitiveness in the digital economy, according to CoinDesk.