The UK just made it significantly cheaper to run a stablecoin business on its soil. The Financial Conduct Authority published final policy statements on June 30 that cut the capital coefficient for Key Stablecoin Issuers (K-SIIs) from 2% to 1% of the value of stablecoins in circulation.
That is a direct halving of the capital buffer these firms need to hold, and it puts the UK’s requirements at exactly half of what the EU demands under its Markets in Crypto-Assets (MiCA) regulation.
What the FCA actually changed
The capital coefficient reduction is the headline number, but the FCA’s overhaul goes deeper than a single percentage point.
The regulator also removed redemption forecasting obligations for backing assets. In English: stablecoin issuers no longer need to predict and report how many tokens they expect customers to redeem at any given time.
