According to CoinMeta, the UK government plans to make supporting stablecoin innovation one of the official missions of the Bank of England (BoE), while maintaining financial stability as its primary responsibility. This move comes after BoE was criticized for its restrictive policies regarding stablecoins. A UK parliamentary committee warned that the UK is "behind" the United States and the European Union in this area. Currently, the global stablecoin market is worth about $310 billion, but stablecoins denominated in pounds sterling account for less than 0.5%. BoE has canceled the proposed restrictions on individual holdings and has set a temporary cap of £40 billion on the issuance of each systemic stablecoin. The bank will also report its progress in payment innovation to parliament annually.