Bank of England Promises ‘Temporary’ Stablecoin Caps – But Sets No End Date

The Bank of England will impose “temporary” limits on stablecoin holdings to protect credit availability, but has not specified when the caps will be lifted, Deputy Governor Sarah Breeden confirmed on Tuesday. The central bank plans limits of £10,000-£20,000 for individuals and £10 million for businesses on systemic stablecoins used for payments. Breeden stated, “we would expect to remove the limits once we see that the transition no longer threatens the provision of finance to the real economy.” Howeve ...