British lawmakers urged the Bank of England on Wednesday to soften planned rules on stablecoins, warning that overly strict requirements could hinder the development of a nascent sterling-backed market. A cross-party House of Lords committee said the central bank should reconsider proposals ​to cap the amount of stablecoins held by individuals and businesses and require issuers to back tokens with non-interest-bearing deposits. Stablecoins are a type of cryptoasset designed to hold a steady value, usually by being pegged to a fiat currency. The ⁠market is dominated by U.S. dollar-linked tokens, while ... (full story)