Bank of England saying “we will be the banker to the stablecoin.” Sounds clean on paper: stronger backing, actual central bank reserves, less chance of the thing breaking the buck. Trade-off is tighter control, no yield for holders, issuance caps, full regulatory leash. Right now it’s aimed at the big systemic/institutional ones. Smaller retail & crypto-trading stables stay under lighter FCA rules. But who says they don’t expand the same control framework to everything once it gets big enough? Classic “start with the big boys, then come for the rest” playbook.