Overview

• Bank officials, as cited by the Financial Times, are considering per‑holder caps of about £10,000–£20,000 for individuals and roughly £10 million for businesses on systemic stablecoins.
• The Bank of England’s stated goal is to protect financial stability by limiting rapid shifts from bank deposits to stablecoins and to manage risks as new payment systems scale.
• Crypto and payments groups argue the plan is unworkable and harmful to UK competitiveness, with Coinbase’s Tom Duff Gordon calling the caps bad for savers, the City and sterling.
• Trade bodies warn enforcement would be costly and intrusive, citing likely needs for digital IDs or cross‑wallet coordination, and note there are no comparable caps on cash or bank accounts.
• The proposal would diverge from the U.S. GENIUS Act and the EU’s MiCA, which license issuers and require reserves without per‑holder limits, as the BoE prepares a formal consultation later this year.