PANews reported on June 3rd, citing CoinDesk, that the UK House of Lords Financial Services Regulatory Committee, in its latest report, has called on the Bank of England to reconsider its proposed limits on stablecoin holdings. The committee recommends monitoring market growth and implementing restrictions only when there is a clear need to address financial stability risks, rather than imposing caps in advance. The Bank of England had previously proposed a cap of £20,000 for individuals and £10 million for businesses holding each stablecoin. The report also questioned the reserve asset rule, stating that it could significantly impact the commercial viability of UK stablecoin issuers. The Bank of England's Deputy Governor acknowledged last month that the proposed holding caps and reserve requirements were "too conservative" and stated that other ways to manage the risks associated with stablecoins were being explored.