Bank of England Caves on Stablecoin Holding Limits | CoinDesk Daily

**Sam Ewen** (0:00)
The US and Iran move closer to a peace deal, and the Bank of England caves on stable coin limits. This is CoinDesk Daily.
The US and Iran have agreed on a roadmap toward a final peace deal within 60 days. Mediators Qatar and Pakistan said in a joint statement that encouraging progress had been made. Bitcoin has tracked every twist of the Iran story closely. So the question now is whether it reconnects the risk on mood or keeps sliding below where it started the month. The Bank of England has reversed its controversial plan to cap how much stablecoin people and companies can hold. The central bank will cap the total circulation of any single systemic stablecoin at around 50 billion. It's also letting issuers put up to 70% of their reserves into short-term UK government debt so they can finally earn yield on what backs the coins. And Tyco halted block production and told users to pull their funds after an attacker exploited its bridge. The team estimated losses at around 1.7 million dollars and the Tyco token slumped more than 20%.
The attacker forged the proofs to register fake withdrawals on Ethereum with no matching deposit on Tyco. Get more updates on coindesk.com.