The Bank Of England Just Softened Its Stablecoin Stance—And It Could Open The Door To Widespread UK Crypto Adoption
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The Bank of England just threw the stablecoin industry a lifeline, proposing new rules that could finally make widespread crypto adoption feasible in the U.K. after years of regulatory friction that threatened to push the sector offshore.
The central bank said on Nov. 10 it would allow stablecoin issuers to invest up to 60% of their backing assets in short-term government debt—a dramatic reversal from its 2023 proposal that would have forced issuers to park all assets in non-interest-bearing accounts with the BoE itself.
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That earlier approach drew sharp criticism from the crypto industry, which argued it…
