UK Lords Committee Urges Bank of England to Ease Stablecoin Rules, Questions £20,000 Holding Cap and 40% Reserve Requirement

A cross party House of Lords committee urged the Bank of England to scale back proposed stablecoin rules, warning they could hinder a market it says is small and early stage. The committee highlighted a £20,000 per person holding cap and a plan requiring 40% of reserves to be held at the central bank.