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Bank of England Eases Stablecoin Rules, Allowing Investment in Government Debt

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The Bank of England (BoE) has proposed a more flexible regulatory framework for stablecoins, allowing issuers to invest up to 60% of their backing assets in government debt, a move that marks a softer stance toward the rapidly growing digital asset sector.

The proposal, part of a package of rules expected to take effect next year, represents a shift from the BoE’s earlier, stricter approach, which required stablecoin issuers to hold all their reserves in non-interest-bearing central bank accounts — a move that critics said would have stifled the industry’s development in the UK.

The new plan reduces that requirement to 40%, allowing the remaining portion to be invested in interest-bearing assets such as short-term government securities.

“Today’s proposals mark a pivotal step towards implementing the UK’s stablecoin regime next year,” said Sarah Breeden, the BoE’s deputy governor for financial stability. “We’ve listened carefully to feedback and amended our proposals for achieving this, including on how stablecoin issuers interact with the Bank of England.”

The central bank confirmed it will supervise only those stablecoins intended for widespread payment use, while non-systemic tokens — those primarily used for crypto trading — will fall under the Financial Conduct Authority (FCA).

However, the BoE maintained its plan to cap holdings at £20,000 ($26,842) for individuals and £10 million for businesses, though large firms such as supermarkets or exchanges could apply for exemptions. The bank said these limits would be temporary, designed to mitigate potential financial stability risks.

In a further step, the BoE is also considering providing liquidity facilities to systemic stablecoin issuers during times of market stress.

Crypto industry figures welcomed the more balanced approach but urged further relaxation. Tom Duff Gordon, vice president of international policy at Coinbase, said the BoE “could have allowed up to 80% of assets to be invested in government bonds” and called for “clearer timelines” on when the caps would be lifted.

The consultation period for the proposals runs until February 10, 2026.

Coinbase Unveils Platform for Early Access to New Digital Tokens

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Coinbase Global has announced the launch of a new token sales platform that will give retail investors the opportunity to purchase digital tokens before they are listed on the exchange — marking the first major public token sale opportunity for U.S. users since 2018.

The company’s shares rose about 4% in morning trading following the announcement, reflecting growing optimism over Coinbase’s efforts to tap into the multi-trillion-dollar digital asset market.

The new platform will host around one token sale per month, using an algorithm-based allocation system to determine how tokens are distributed among investors. Buyers will have a one-week window to submit their purchase requests.

“Token issuers coming to market today struggle to get their tokens into the hands of real users while building deep exchange liquidity. Coinbase is changing that,” the exchange said in a company blog post.

Investors will be able to pay for purchases in USD Coin (USDC), a dollar-pegged stablecoin issued by Circle Internet Group, according to the Wall Street Journal, which first reported the launch.

The first project to debut on the platform will be Monad, a blockchain startup that plans to hold its token sale next week. Coinbase said additional features such as limit orders and larger allocations for target user bases will be introduced in the coming months.

The move comes as interest from both retail and institutional investors in digital assets continues to grow, driving major exchanges like Coinbase to expand their product offerings and reclaim ground from global competitors.

Coinbase Acquires Crypto Investment Platform Echo in $375 Million Deal

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Coinbase has announced the $375 million acquisition of Echo, a crypto investment platform designed to simplify fundraising and investment within the digital asset ecosystem. The cash-and-stock deal marks another strategic expansion for the U.S.-based exchange as it aims to integrate token sales and real-world asset fundraising tools into its platform.

The move comes amid a resurgence of crypto industry dealmaking, encouraged by what analysts describe as a more crypto-friendly U.S. policy environment under the Trump administration. Just last week, rival exchange Kraken revealed a $100 million acquisition of Small Exchange, signaling a wave of consolidation and innovation in the American crypto market.

Echo’s Sonar platform allows projects to raise capital through public and private token sales, making investment opportunities more open and transparent for the broader crypto community. Since its launch two years ago, Echo has facilitated over $200 million in fundraising for blockchain projects.

Coinbase said the acquisition will start with integrating crypto token offerings through Echo’s infrastructure but will eventually expand to tokenized securities and real-world assets, underscoring its ambition to bridge traditional finance with digital markets.

Echo was founded by crypto trader Jordan Fish, better known in the digital asset world as “Cobie.” The deal follows Coinbase’s earlier $2.9 billion purchase of crypto options platform Deribit in May, which strengthened its global derivatives portfolio.