The Bank of England has abandoned the individual holding cap for stablecoins, instead adopting a issuance limit of 40 billion pounds for each stablecoin.

This may seem like a concession, but in reality, it shifts the regulatory focus from the user side to the issuer—who can issue, how much to issue, and what assets support it become the core issues.
In the past, the individual holding cap was seen as a direct obstacle to stablecoin adoption.
Now that this obstacle has been removed, it could open up retail scenarios for pound stablecoins.
However, the 40 billion pound cap is not low, roughly one-third of the current USDT market value, enough to accommodate multiple large issuers.
More importantly, the reserve asset requirements have been slightly relaxed.
This lowers issuance costs but also tests the central bank’s risk threshold.
If the quality of reserve assets declines, systemic risk will not disappear just because of the cap.
The market has not yet shown a clear reaction, but structural changes often precede price movements.
The Bank of England’s pragmatic approach may accelerate the deployment of pound stablecoins, especially in line with the 2027 target timeline.
For regulators in other regions, this is a noteworthy example—balancing the promotion of innovation with maintaining control over systemic stability.
The risk is that if the issuance cap is broken or reserve management fails, the trust foundation of stablecoins will be tested again.
After all, history has shown that confidence is harder to restore than rules.
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