UK Lords oppose Bank of England's stablecoin holding limits

Members of the UK House of Lords have opposed a Bank of England plan to limit corporate and individual investor holdings of stablecoins, Bloomberg reported. In a letter to Chancellor of the Exchequer Rachel Reeves, the members, including Peter Cruddas, argued that the plan is more likely to cause capital flight than mitigate risk. They urged the chancellor to oppose the central bank's proposal. The Bank of England previously announced it would seek to cap individual stablecoin holdings at £20,000 (around $25,300) and corporate holdings at £10 million (around $12.7 million).