The Bank of England published on June 22, 2026 a new policy statement that relaxes its earlier proposals for sterling-denominated stablecoins. The statement introduces a temporary issuance cap of 40 billion pounds per stablecoin, replacing individual holding limits that had been poorly received by the industry. The proportion of reserves that can be held in short-term UK government debt has been raised from 60% to 70%, with the remaining 30% held as deposits at the central bank. The Bank of England confirmed it will serve as the banker to stablecoins by accepting these deposits. The full regulatory framework is expected by the end of 2026, with stablecoin operations slated to begin in 2027.
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