Bank of England Relaxes Stablecoin Rules, Removes Individual Holding Cap and Eases Reserve Asset Requirements

CoinFeed, June 22 - According to Reuters, the Bank of England released final policies and draft rules for stablecoins on Monday, relaxing some proposals from last year's industry consultation. The BoE scrapped plans for an individual holding cap, instead opting to limit the total issuance of each stablecoin, with an initial cap of £40 billion (approximately $52.84 billion). The central bank also slightly eased reserve asset requirements and plans to finalize the rules by the end of this year.