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The president of the European Central Bank, Christine Lagarde, warns that the stablecoins have serious risks of liquidity unless political decision -makers fill gaps which allow foreign issuers to bypass the EU rules.
“We know the dangers,” she saidn Prepared remarks For the European Conference of the Systemic Risk Council. “And we don’t need to wait a crisis to prevent them.”
Lagarde highlighted the concerns of “multi-dissuase regimes”, where stablecoins are published jointly by entities inside and outside the EU.
She said that such programs could leave European investors exposed in a race, because non -EU issuers are not linked by the Bloc markets in Crypto assets (Mica), which obliges guarantees as prohibited for buyout costs.
“In a crisis, investors would naturally prefer to exchange jurisdiction with the strongest guarantees,” she said. “But the reserves held in the EU may not be sufficient to meet such a concentrated demand.”
She compared the risk to previous mismanagement, stressing that liquidity deficits can be prevented with appropriate planning.
“The risk of poor liquidity management between the courts is that we have seen before,” she said.
“Essential” international cooperation
Lagarde said that “international cooperation is essential” and Political decision-makers have exhorted not to authorize the multi-way programs to be made in the EU unless they are “supported by solid equivalence diets in other jurisdictions”.
In addition to the possible liquidity risks, ECB officials have already warned that Europe’s financial and autonomy could be at risk given the pressure from the US administration to promote cryptographic assets and supported stablecoins of a dollar.
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“The measures taken by the new administration of the United States to promote Crypto assets and supported stabins in US dollars raise concerns for the financial and strategic autonomy of Europe”, ” said Piero Cipollone, member of the BCE board of directors, in April.
“They could potentially lead to not only new loss of costs and data, but also in euros in euros transferred to the United States and a new strengthening of the role of the dollar in cross-border payments,” added Cipollone.
The member of the BCA board of directors also noted that companies “are increasingly open to the acceptance of the floors for customer payments”, which “could have large -scale implications for monetary sovereignty”.
Booms on the StablesCoin market after signing the act of engineering
The Stablescoin market has increased by more than $ 80 billion since the start of the year, the capitalization of the sector from around $ 204 billion in January to $ 285 billion on September 4, according to the data de Defillama.
Overview of the Stablescoin market (source: defillama)
It was after US President Donald Trump signed the guide and the establishment of national innovation of the American stable laws (genius) on July 18. This is the first complete American federal regulatory framework for Stablecoins, bringing a certain clarity to a previously uncertain legal field.
Similar to the framework of mica, the law on engineering also establishes the requirements of reserve for issuers in the United States, and also requires to have anti-white (AML) and fight against terrorism policies. It also protects consumers while promoting innovation.
The EU, the United States and China are launching the race for stablecoin
While the EU tries to fill the gaps in Stablecoin regulations and the United States is progressing by establishing rules for transmitters, China could also explore the launch of a stablecoin to support the Yuan.
Reports last month suggested that the Chinese government was also considering stablecoin supported by its Renminbi currency due to the slow deployment of a digital yuan.
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