The EU's main executive body has taken a moderate stance on stablecoins, contrasting with the position of the European Central Bank (ECB) and sparking optimism in the industry.

In response to the ECB's concerns that the multinational issuance of stablecoins could trigger bank run risks, the European Commission (EC) stated that such risks are "extremely unlikely to occur."

A spokesperson for the Commission told Cointelegraph: "Even in the extremely unlikely event that a joint-issued token experiences a run, redemptions by foreign holders would primarily occur in jurisdictions like the United States, where most tokens are in circulation and where the majority of reserves are held."

The Commission's position on the multinational issuance of stablecoins in the EU and other regions is significant for the industry, with local industry observers noting that this marks a major victory.

Brussels' softened stance on foreign stablecoins contrasts with the ECB's previous warnings, which released an informal document in April regarding the multinational issuance of stablecoins between the EU and third countries.

The ECB wrote: "The multinational issuance of stablecoins between the EU and third countries would significantly undermine the EU's prudential regulatory framework for electronic money token (EMT) issuers, as it would increase the likelihood of runs, and EU issuers may not have sufficient reserve assets under the supervision of EU authorities to meet redemption requests from both EU and non-EU token holders."

The ECB also warned that joint issuance of stablecoins with third countries could undermine financial stability by weakening protections for EU consumers and circumventing key safeguards of the Markets in Crypto-Assets Regulation (MiCA).

The informal document further argued that this could allow foreign issuers to falsely claim compliance with EU-level standards, shift regulatory responsibilities to EU authorities without proper oversight, and open the door for non-EU companies to enter the single market without meeting EU standards.

In response to the ECB's warnings, the European Commission published a paper in June titled "Stablecoins and the Digital Euro: Friends or Foes of European Monetary Policy?" which delves into the implications of joint issuance of stablecoins with third countries.

The Commission stated in its study: "We found that there are significant institutional and regulatory barriers to the broader adoption of foreign stablecoins in the Eurozone." It added that the MiCA regulation "has prevented large foreign issuers from registering in Europe."

The Commission specifically mentioned Tether, the issuer of the world's largest stablecoin USDT, which has refused to comply with MiCA regulations due to reasons including the requirement to hold at least 60% of its reserves in European banks.

According to the Commission, the risks of joint issuance of stablecoins with third countries are manageable under existing policies, as issuers can be required to have a rebalancing mechanism to ensure that reserves within the EU match the amount of tokens held within the EU.

According to Juan Ignacio Ibañez, Secretary-General of the MiCA Crypto Alliance, the Commission's attitude towards joint issuance of stablecoins with other countries means that authorities will not enforce a functional distinction between USDC-US and USDC-EU for issuers like Circle.

Ibañez told Cointelegraph: "These participants are global entities issuing stablecoins both inside and outside the EU." He added that the Commission is effectively advocating for interchangeable treatment of locally and internationally issued tokens, with one entity maintaining the redeemability of tokens issued by another entity.

Ibañez stated: "This is very positive news, even a relief." He added: "A major component of the value of stablecoins lies in their cross-border availability, which is a characteristic inherited from blockchain technology itself. Enforcing jurisdictional silos would undermine this fundamental characteristic and diminish the user experience within the EU."

Related: Hong Kong unveils new stablecoin rules and tokenized bond plans

Original article: “European Commission Downplays Stablecoin Risks, Rebuts ECB Warnings”

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