The plan to limit stablecoin ownership comes as the central bank and the Financial Conduct Authority work on developing a regulatory framework for digital tokens pegged to fiat currencies. Central Bank’s Planned Stablecoin Rules Are A “Bad” IdeaCrypto groups and executives in the space are urging the BoE not to impose the restrictions. Stablecoin Market Expected To Balloon To $1.2 TrillionThe stablecoin market has grown steadily since both the MiCA framework and the GENIUS Act have gone into force, with the latter serving as a bigger catalyst. According to DefiLlama data, the stablecoin market cap stands at around $289.356 billion. Stablecoin market cap (Source: DefiLlama)That growth is expected to continue, with Coinbase predicting earlier this year that the stablecoin market could soar to above $1.2 trillion by 2028.