UK Lords Urge BOE to Reconsider Stablecoin Limits

A U.K. House of Lords committee has called on the Bank of England (BOE) to reconsider its proposed limits on consumer stablecoin holdings, according to CoinDesk. The Financial Services Regulation Committee advised against preemptively imposing holding limits, suggesting instead that the BOE monitor market growth and impose restrictions only if financial stability risks become evident. The BOE had proposed limits of 20,000 pounds per coin for individuals and 10 million pounds for businesses, which some argue could hinder the U.K.'s competitiveness. The committee also questioned the requirement for stablecoin issuers to hold 40% of backing in non-interest-bearing central bank deposits.