[UK House of Lords Report Criticizes Pound Stablecoin Regulation Lagging Behind US and EU] According to a report by the UK House of Lords Financial Services Regulatory Committee, the global stablecoin market capitalization has exceeded $310 billion, but the pound stablecoin market remains in its infancy, with its regulatory framework lagging behind the United States (GENIUS Act) and the European Union (MiCAR). The report criticizes the Bank of England's requirement for systemic stablecoin issuers to deposit at least 40% of reserve assets into non-interest-bearing central bank accounts, arguing that this undermines profitability and international competitiveness. Proposed holding limits (£20,000 for individuals and £10 million for businesses) are deemed operationally challenging and may stifle market development. The T+1 redemption requirement increases operational burdens, and restrictions on deposit institutions issuing stablecoins under independent brands are considered overly stringent. The report acknowledges the innovation of the liquidity support loan mechanism and calls for the regulatory framework to take effect as scheduled on October 25, 2027.