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ECB's Lagarde says EU should close loopholes in stablecoin regulation
European Union legislators should demand safeguards and robust equivalence regimes from foreign issuers of stablecoins to prevent the risk of runs on reserves held in the EU, European Central Bank President Christine Lagarde said on Wednesday. The EU has put in place one of the world's strictest regimes on crypto assets, requiring that stablecoins, which are pegged to an official currency, be fully backed by reserves. But Lagarde said legislators should hold companies that issue stablecoins both in the EU and abroad to the same, high standards. "European legislation should ensure that such schemes cannot operate in ... (full story)
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