The Bank of England has revised one of the most controversial parts of its stablecoin proposals, replacing individual holding limits with a single aggregate issuance cap. The change removes a key obstacle to using pound-backed stablecoins for larger balances, settlement, and collateral. The revised proposal drops plans to cap individual holdings at £20,000 and business holdings at £10 million per coin. Instead, the BoE will apply a temporary £40 billion aggregate issuance limit for systemic stablecoins. Industry concerns have not disappeared. Coinbase’s European policy head Katie Harries told the FT that two ... (full story)