Bank of England scraps £20,000 stablecoin holding limit, sets £40 billion cap per systemic coin

The Bank of England said it will drop planned stablecoin holding limits for individuals and businesses and instead impose a temporary £40 billion 50.6 billion dollar circulation cap on any single systemic stablecoin. It also cut required reserves held as interest free central bank deposits to 30 percent, allowing up to 70 percent in UK short term government bonds.