On June 10, the Bank of England issued a consultation paper outlining regulations for systemically important sterling-backed stablecoins. The proposal includes temporary holding limits of £20,000 for individuals and £10 million for businesses, with certain operational exemptions. USDC and USDT are excluded from the coverage. The framework focuses on retail payments and wholesale settlement for systemic pound-linked stablecoins, with other stablecoins regulated by the FCA. Final rules are expected in 2026 following a consultation period ending February 10, 2026.