BOE Plans Carveouts on Stablecoin Cap After Industry Backlash

The Bank of England plans to grant exemptions to proposed limits on stablecoin holdings by businesses, indicating a softening stance toward cryptoassets amid growing competition from the US.

The UK central bank intends to grant waivers to certain firms, such as crypto exchanges that need to hold large amounts of stablecoins, according to a person familiar with the matter.

The BOE will also allow firms to use stablecoins as a settlement asset in its experimental Digital Securities Sandbox, people familiar with the matter said — another sign that Governor Andrew Bailey’s previously skeptical viewpoint is moderating. The BOE declined to ...