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The European Union is preparing to release its attitude towards foreign stable stable and potentially allows us tokens supported by the dollar as USDC and USDT Freely circulate within the block, Financial Times reported June 25.
According to the European Commission, the European Commission will soon issue formal instructions, allowing stablecins issued outside the EU to be considered equivalent to their European counterparts.
This step would clean up the key regulatory obstacle that has so far limited the range of stablecoins supported by a dollar on the financial markets in Europe.
The shift comes in spite of Repeated warning From the European Central Bank, which warned that unlimited access to foreign stablecoins could undermine financial stability.
President ECB Christine Lagarde previously urged politicians Tighten the restriction For stablecoin issuers, with citing the risk of departure and reducing monetary sovereignty.
Under the EU Markets (Mica) Regulation, Stablecoins issuers are currently obliged to maintain most of their reserves in EU -based banks and to ensure rights to redeem Euromization.
The proposed changes would allow global issuers to circumvent these limitations for the branded versions of their chips that already operate under the EU supervision.
A recent US Senate passage Geniuswhich sets the national framework for Stabnecoin’s supervision has increased pressure on other jurisdictions to keep up.
The Financial Times quoted several unnamed officials who are familiar with this matter who indicated that the commission management is to avoid a scenario in which the EU becomes a “overpass zone” for digital assets that remained faster markets in the US and Asia.
The ECB did not publicly comment on the upcoming instructions, but the sources said FT that the inner opposition remains strong. EU officials are reported to work on a compromise that would provide national regulatory bodies with greater discretion in assessing the risks associated with foreign stablecoins.
If adopted, the new approach could mean a turning point for the role of US stablecoins supported by a dollar in Europe and strengthen the dollar dominance in digital market markets and signal the EU desire to remain a competitive center for crypto innovation.
