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ECB seeks ban on multi-issuance stablecoins, eyes digital euro launch in 2029
Europe’s stablecoin crackdown pits dollar-backed tokens against euro sovereignty, as private crypto collides with central bank money. Crypto media outlets with the info, in summary. The European Central Bank is pushing for a ban on so-called multi-issuance stablecoins in the EU, a move that could hit issuers like Circle and Paxos. These models allow tokens to be jointly issued inside and outside the bloc, but regulators fear EU reserves could be drained in a crisis while liabilities spill over from abroad. The European Systemic Risk Board, chaired by ECB President Christine Lagarde, backed the ban last week. ... (full story)