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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.

South Korea Central Bank Governor Open to Won-Based Stablecoins but Cautious on Forex Impact

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South Korea’s central bank governor, Rhee Chang-yong, expressed openness to the idea of issuing stablecoins denominated in the Korean won but flagged concerns over managing foreign exchange flows. Speaking at a press conference in Seoul, Rhee warned that won-based stablecoins could be easily exchanged for U.S. dollar stablecoins, potentially increasing demand for the dollar-linked tokens and complicating forex management.

Stablecoins are cryptocurrencies pegged to stable assets like the U.S. dollar and are widely used in crypto markets for quick fund transfers. While regulators globally remain wary of cryptocurrencies due to their speculative nature and potential competition with national currencies, South Korea’s government appears poised to embrace won-based stablecoins.

President Lee Jae Myung, who took office recently, is advancing his campaign promise to allow local firms to issue won-backed stablecoins. The ruling Democratic Party introduced the Digital Asset Basic Act this month, aiming to create a regulatory framework for such issuances.

The president also appointed Kim Yong-beom, former crypto firm chief and ex-vice chairman of the Financial Services Commission, as his chief policy officer, signaling stronger government backing for crypto initiatives.

Governor Rhee previously cautioned that letting private companies issue stablecoins could undermine the central bank’s control over monetary policy and capital flows, making regulatory oversight a critical challenge.

US President-Elect Donald Trump Reportedly Set to Prioritize Cryptocurrency on National Agenda

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President-elect Donald Trump is reportedly planning to issue an executive order that would elevate cryptocurrency to a national policy priority. This move is expected to provide a strategic framework for government agencies to collaborate more closely with the crypto industry, according to sources familiar with the discussions. The executive order, which has yet to be made public, is anticipated to declare cryptocurrency as a national imperative, signaling the administration’s commitment to integrating the industry into broader policy discussions.

In addition to emphasizing the importance of cryptocurrency, the executive order is also expected to establish a crypto advisory council. This council would serve as a platform for industry leaders to voice their concerns and priorities, ensuring that the crypto sector has a direct influence on shaping future regulations and policy decisions. The creation of this body reflects Trump’s intent to integrate key players from the crypto industry into his administration’s decision-making process, further cementing the sector’s role in shaping the nation’s financial landscape.

Trump has garnered significant support from the cryptocurrency industry, which has long had a strong presence in Washington, D.C. The crypto sector is backed by influential political action committees (PACs) and has deep financial ties with key figures in the political sphere. Several major companies, such as Coinbase and Ripple, have contributed to Trump’s inaugural committee, demonstrating their support for his administration’s potential stance on crypto.

In a show of solidarity, the crypto industry is hosting an “Inaugural Crypto Ball” just days before the inauguration. This event, which aims to support Trump, underscores the growing alignment between the president-elect and the digital currency sector. With powerful industry backing and the potential for increased governmental support, cryptocurrency could soon take a more prominent position in the U.S. political and economic landscape.