Research
BoE: Stablecoin Bull or Bear?
A Range exclusive report on the Bank of England's stablecoin proposal - what it gets right, what it risks, and what it means for the future of digital money in the UK.
Max Grabner
·
Nov 27, 2025
The Bank of England's recent proposal for regulating systemic stablecoins marks a critical moment for the future of digital money in the UK. From £20,000 per-user holding caps to restrictions on issuer reserves, the consultation paper has already drawn heavy criticism from crypto founders and politicians alike. But the broader implications - on monetary stability, liquidity frameworks, and institutional integration - demand closer analysis.
In this exclusive Range report, we break down the Bank of England's consultation on sterling-denominated systemic stablecoins, explain the rationale for the dual oversight regime with the FCA, and assess whether the proposal poses a genuine risk to innovation or a long-overdue framework for mainstream adoption.
Key insights include:
Why the BoE's reserve model could challenge stablecoin business models
How liquidity backstops and central bank access might reshape risk
What the cap limits really mean for users and issuers
Download the full report to get our detailed breakdown, including quotes from policymakers, impact assessments, and a sober look at what’s at stake.
About Range
Range is the leading blockchain security and intelligence platform, operating across ecosystems. We work with teams like the Solana Foundation, Circle, dYdX, and Osmosis to deliver secure, cross-chain infrastructure. Our products include the industry’s first Cross-Chain Explorer – tracking activity across 300+ chains, bridges and interoperability protocols – as well as real-time monitoring, alerting, and forensic tools used by developers, security teams, and protocols alike.
From the USDC Explorer powering Circle’s CCTP to the Solana Transaction Security Standard adopted by Squads Protocol, Range’s tools secure over $30B in onchain assets. We also provide IBC Rate Limit contracts on Cosmos and Range Trail, our cross-chain forensics engine, to support investigations and incident response across networks.
