The Swedish Central Bank (Riksbank) has published a new research report revealing that regulatory approaches in Europe and the United States regarding stablecoins are increasingly converging.
The report emphasized that despite differing legal frameworks, the two regions are pursuing similar policy lines in practice. The study focuses on three key central bank policies critical to the future of the stablecoin ecosystem: stablecoin issuers' access to central bank payment and settlement systems, whether central bank reserves are allowed to be used as collateral, and whether stablecoin issuers can provide liquidity support.
Regulatory Landscape and Practice
According to the Riksbank's assessment, both the US and Europe legally allow the use of central bank reserves to a certain extent. However, in practice, there are serious restrictions and the scope of application remains quite narrow.
The European Central Bank (ECB) has recently begun to allow some non-bank payment institutions to hold certain balances in central bank accounts. This regulation offers significant flexibility for these institutions to manage payment flows more securely. However, the ECB does not yet permit these accounts to be used as collateral or reserve backing for stablecoin issuances.
Future Implications of Policy Alignment
The report notes that, with the rise of stablecoin adoption globally, central banks are increasingly inclined to create a more cohesive regulatory framework. The Swedish Central Bank notes that this area will become increasingly important for financial stability in the future, and that policy alignment could accelerate internationally.