While the EU has established a comprehensive framework for crypto-assets under the Markets in Crypto-Assets Regulation, growing institutional scepticism towards multi-issued global stablecoins risks leading to de facto exclusion from the EU market.
This ECRI Policy Brief argues that framing the policy choice as one between full insulation and unrestricted openness is misleading and economically costly. Restricting compliant global stablecoins would weaken EU firms’ competitiveness in cross-border payments, treasury management and tokenised markets; reduce the EU’s ability to shape emerging global standards in digital finance; fragment supervisory oversight by pushing activity offshore; and ultimately hinder the development of euro-denominated stablecoins and EU digital capital markets.
