The European Commission prepares to present a new guide to regulate the Stablcoins market, according to the Financial Times informed about its content.
The initiative has generated friction with the European Central Bank (ECB), according to the Informants. Despite the warnings of the monetary agency about the possible risks that these assets represent for financial stability, Brussels seems determined to move forward.
These anticipate that the European Union agency plans Propose that stablecoins emitted outside the eurozone can be considered interchangeable with authorized equivalent versions within the blockprovided they correspond to the same broadcast or come from the same operator.
The president of the ECB, Christine Lagarde, warned before the European Parliament that Stablecoins anchored to the US dollar represent a risk to the monetary policy of the euro and financial stability global. And highlighted the importance of establishing solid standards, especially when they operate at a cross -border level, to avoid strengthening the mastery of the United States currency.
The ECB indicates that, in high volatility scenarios, the holders of Stablecoins issued outside the European Union could try to redeem their assets within the group’s financial system, which would exert pressure on the reserves and, ultimately, on the block banks.
According to the regulations in force in the European Union, Stablecoins issuers within the territory must maintain most of their reservations in European banks and ensure that users can redeem their tokens directly for Fíat money.
To reduce the risks, the European Central Bank raised The need for other countries to grant legal guarantees that allow the effective transfer of reserves to the European Union in case of crisis. This measure seeks to prevent, before a run on foreign stablcoins, supporting assets are out of the control of European supervisors.
However, during a closed door meeting this month, it was confirmed that there are no bilateral or multilateral agreements between the European Union and other jurisdictions that recognize their regulations as equivalent or that facilitate the implementation of said guarantees.
While the European Union progresses in the regulation of Stablecoins, important legislative movements are also registered in the United States. As cryptootics reported, The Senate approved the genius law with broad bipartisan support.
The Genius law proposes to demand that Stablecoins emitters maintain total support in US dollars or equivalent liquid assets, in addition to undergoing periodic audits to guarantee transparency and safety.
Senators Bill Hagerty and Tim Scott, main drivers of the law, highlight that The initiative seeks to strengthen United States leadership in the digital financial sector and strengthen the role of the dollar as a global reserve currency.
According to Hagerty, the project will not only facilitate the massive adoption of Stablecoins in the traditional economy, but also could position its emitters as some of the greatest holders of American treasure bonds by 2030, which would contribute to strengthening the country’s fiscal resilience.
