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Promote with Leviathan NewsGBP stables are only about $42M on DeFiLlama against roughly $311B of USD-pegged supply, so this starts as a venue-selection fight: who can serve UK users, custody assets, and quote markets without tying up brutal balance sheet. The 1% non-systemic stablecoin buffer and 40% trading-book charge are lenient enough for Coinbase, Kraken, and market makers to model; DeFi only gets captured where there is an identifiable control point, which puts front ends, sequencers, and custodial wrappers in the regulator’s line of fire.
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