ЕЦБ: Стейблкоины не представляют значительной угрозы для финансовой стабильности еврозоны Translation: ECB: Stablecoins Do Not Pose a Significant Threat to Financial Stability in the Eurozone

The risks associated with stablecoins for financial stability in the eurozone are constrained due to the low adoption rate of such coins and proactive regulations. This conclusion was drawn by experts from the ECB.

In a report, Sennie Aerts, Claudia Lambert, and Elisa Reinhold noted that fiat-pegged tokens are hardly utilized outside of crypto trading contexts.

Currently, this particular application of «stablecoins» is the most prevalent, unlike other potential uses such as cross-border payments.

The ECB specialists recognized that a considerable portion of stablecoin transactions has an international dimension. However, they found no evidence linking these volumes to remittance activities.

The experts also highlighted the very limited use of these coins in retail transactions (not exceeding $250). According to Visa, their share of the total transaction volume is approximately 0.5%.

“The use of stablecoins appears to be primarily driven by their role within the crypto asset ecosystem, and it remains unclear whether these tokens will gain widespread adoption for other uses,” the authors of the report stated.

US dollar-backed stablecoins dominate the market, holding an 84% share, but their connection to the eurozone financial markets and their impact on them are limited.

Even in the event of widespread adoption of stablecoins, the EU’s regulatory framework, represented by the MiCA regulations, mitigates potential risks. As a specific example of restrictive measures, ECB specialists pointed to the prohibition of interest payments on stablecoins for issuers and digital asset service providers.

Similar initiatives have already been proposed by banking groups in the US, the report’s authors noted.

One of the main threats related to fiat-based tokens, as identified by the ECB, is the potential for regulatory arbitrage due to jurisdictions with unclear asset regulations. In this context, experts underscored the importance of developing a corresponding global regulatory framework.

It is worth recalling that in the US, estimates suggest that the outflow of deposits from banks resulting from the widespread adoption of stablecoins could reach $6.6 trillion.