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Bank of England Proposes £20,000 Individual Cap on Systemic Stablecoin Holdings
The Bank of England has released a consultation paper proposing temporary holding limits of £20,000 for individuals and £10 million for businesses on sterling-denominated systemic stablecoins. Deputy Governor Sarah Breeden said the caps aim to prevent rapid deposit outflows from commercial banks that could threaten credit availability. Industry leaders have criticized the restrictions as overly cautious compared to the U.S. GENIUS Act framework, which imposes no ownership limits.
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South Korea Advances Stablecoin Legislation as FSC and BOK Vie for Regulatory Control
South Korea's Financial Services Commission plans to submit a government-sponsored stablecoin bill by the end of 2025, competing with five proposals already under National Assembly review. The Bank of Korea released a stablecoin whitepaper on October 27 and is seeking a role in licensing and monitoring. Jurisdictional tensions have emerged as both institutions pursue oversight authority over the emerging market.
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FTX to Distribute $7.1 Billion to Creditors Starting February 2025
FTX will begin distributing $7.1 billion to creditors through scheduled payouts starting February 2025. The first distribution of $454 million is set for February 18, 2025, targeting claims under $50,000 at 120% of face value. A second payout of $5 billion will follow on May 30, 2025, covering claims exceeding $50,000 at 72.5% of claim value, with additional distributions planned for subsequent years.
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XRP Holders Realize $220M Profit Amid 25% Price Drop, Whale Moves 73.88B SHIB Off Binance, Early Miner Transfers 3,549 BTC to Kraken
XRP holders realized $220 million in daily profits despite a 25% price decline to $2.30, with profit volumes rising 240% since late September. A whale withdrew 73.88 billion SHIB tokens valued at $721,800 from Binance into self-custody. Early Bitcoin miner Owen Gunden transferred his final 3,549 BTC worth $361.84 million to Kraken, completing an 11,000 BTC liquidation totaling $1.12 billion.
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