October 22, 2025, 15:04 GMT | Insight
The
European Commission, the
European Central Bank, and lawmakers are set to discuss foreign multi-issued stablecoins amid concerns about their impact on financial stability and EU sovereignty. The meeting follows criticism of the European Commission's interpretation, which would allow stablecoins issued by both EU and non-EU entities under the MICA regulation.
A closed-door discussion on foreign multi-issued stablecoins is due to take place between the EU executive arm, the European Central Bank and EU lawmakers on Nov. 17, MLex has learned.
The commissioner in charge of financial services, Maria Luís Albuquerque, and the ECB’s executive board member, Piero Cipollone, are set to have an exchange with the political groups’ coordinators in the parliament’s Economic Affairs Committee.
The move comes as the European Commission is expected to publish a non-binding guidance document providing that EU law on crypto-assets - dubbed the MICA regulation - allows stablecoins issued by both an EU entity and a non-EU entity.
A stablecoin is a cryptocurrency designed to be steadier than most by having its value tied to that of another currency or commodity, such as the dollar, euro or gold, to prevent volatility.
This approach has faced backlash from several European finance oversight authorities, including the ECB, and from EU lawmakers, who argue that the commission’s stance could undermine EU sovereignty and financial stability. As a reaction, the the committee has been urging the European Commission to explain its interpretation on stablecoins for a few months (see
here and
here).
A recent report from the
European Systemic Risk Board on the issue voiced concerns regarding the “materiality of the threats” that EU and non-EU multi-issued stablecoins pose to the bloc’s financial stability, because they involve “reserves being held across jurisdictions and issuers operating under different legal regimes” (see
here).
After tense institutional back-and-forth, the commission seems thus ready to provide explanation. In the meantime, the issue has started to be discussed by EU countries which are closely watching global stablecoin developments (see
here).
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Cryptoassets