A central bank does not usually publicly trash its own homework, but the Bank of England did exactly that on Monday.
The Bank spent the better part of a year telling everyone that if you wanted to hold a sterling stablecoin, you would be capped at 20,000 pounds per individual. Businesses got their own 10 million pound ceiling. The reasoning was that if too many deposits flowed out of high street banks and into digital tokens, the lending plumbing that keeps mortgages and overdrafts cheap could spring a leak. That was the official line in the November 2025 consultation, and the industry hated every word of it. C...
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