The Bank of England’s plan for systemic stablecoins sets a £20,000 cap per individual and a £10 million cap per firm, effectively choking the market before it can grow. Issuers would be forced to keep 40% of reserves unremunerated at the central bank and only 60% in yielding assets like UK government bonds. That makes pound-backed stablecoins inefficient, uncompetitive and unattractive compared with global alternatives. Even worse, HM Treasury is likely to copy this approach, turning the UK into one of the least appealing places to issue a stablecoin. Instead of boosting the pound’s reach or supporting government gilts, the policy does the opposite. The biggest losers? The UK and its consumers. This is another misguided move by the Bank of England, and again we have to fight for freedom.(Stani.eth)