The Bank of England is reviewing proposed caps and reserve rules for sterling stablecoins following industry backlash. Officials aim to keep stablecoin issuers onshore in the UK.
The Bank of England is reviewing its plans for stablecoin regulations after industry pushback. Sources describe the initial proposals as overly conservative in their approach to caps and reserve requirements for sterling stablecoins.
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European Central Bank President Christine Lagarde cautioned against promoting privately issued euro-pegged stablecoins during a speech on Friday. She urged Europe to focus on central bank-backed infrastructure instead.
The stablecoin industry is pushing back against the Bank of England's proposed ban on unhosted wallets. Industry observers warn that restricting such wallets could limit key applications like remittances.
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Analysts and investors say the Hong Kong Monetary Authority’s (HKMA) cautious issuance of only two stablecoin licences to traditional banks prioritises risk control but limits Hong Kong’s digital asset ambitions. The market had expected at least three licences for issuers from broader backgrounds.
The US Senate has approved the GENIUS Act, establishing a federal framework for dollar-pegged stablecoins. The bill requires full backing by liquid assets and aims to reinforce US dollar dominance. It passed with bipartisan support amid debates over risks and political ties.
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The UK government has introduced strict new rules capping political donations from British citizens abroad at £100,000 annually and imposing an immediate moratorium on cryptocurrency contributions. The measures, prompted by scrutiny of large gifts from a Tether-linked billionaire to Reform UK, aim to curb foreign financial influence. Communities Secretary Steve Reed described the threat as more acute due to tracing challenges with overseas funds and crypto.
A consortium of major European banks called Qivalis is holding advanced discussions with crypto exchanges and liquidity providers ahead of launching a euro-pegged stablecoin in the second half of 2026. The initiative aims to create a regulated alternative to U.S. dollar stablecoins for blockchain-based payments within the EU. Backed by bank deposits and sovereign bonds, the token seeks to enhance the bloc's autonomy in digital finance.
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In July 2025, President Trump signed the GENIUS Act into law, establishing federal oversight for stablecoins in the United States. This legislation targets a specific segment of the cryptocurrency ecosystem amid growing concerns over financial risks. The act aims to integrate stablecoins into existing banking frameworks while addressing vulnerabilities exposed by past crypto failures.