Lagarde sees Stablecoin liquidity risks, says not waiting for crisis

President Christine Lagarde warns of the European Central Bank that Stabilecoins pose serious liquidity risks, unless policy makers close meshes that allow foreign emennin EU rules to be circumvented.

“We know the dangers,” she said IN prepared comments For the European Systemic Risk Board Conference. “And we don’t have to wait for a crisis to prevent them.”

Lagarde emphasized concern about ‘multi-tosuance schedules’, in which Stablecoins are jointly published by entities within and outside the EU.

She said that such schemes can show European investors in a run, because non-EU em posts are not bound by the markets of the block in Crypto Assets (MICA) framework, which is mandatory, such as prohibiting salvation.

“In a crisis, investors would of course prefer to redeem with the strongest guarantees in the jurisdiction,” she said. “But the reserves in the EU may not be sufficient to meet such a concentrated demand.”

She compared the risk for mismanagement from the past, and emphasized that liquidity shortages can be prevented with the right planning.

“The risk of liquidity mass management in different areas of law is one that we have seen before,” she said.

International cooperation “indispensable”

Lagarde said: “International cooperation is indispensable” and For policymakers, it insisted on not having schedules operated in the EU with multiple observations, unless they are “supported by robust equivalence regimes in other areas of law.”

In addition to the possible liquidity risks, ECB officials have already warned that the financial stability and autonomy of Europe can be endangered, given the urge of the American administration to promote crypto-assets and dollar-supported stablecoins.

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“The measures taken by the new American administration to promote crypto-assets and Stablecoins supported by the US dollar express their concern about the financial stability and strategic autonomy of Europe,” ” said Piero Cipollone, member of the board of directors at the ECB, in April.

“They may not only result in further losses of reimbursements and data, but also in Euro deposits will be moved to the United States and in further strengthening the role of the dollar to cross-border payments,” Cipollone added.

The member of the ECB Executive Board also noted that companies are “increasingly open to accepting Stablecoins for customer payments”, which could have “far -reaching implications for monetary sovereignty.”

Stablecoin Market blooms after signing genius

The Stablecoin market has grown by more than $ 80 billion since the beginning of the year, with the capitalization of the sector climbing from around $ 204 billion to $ 285 billion in January. facts from Defillama.

Stablecoin Market Overview (Source: Defillama)

That is after US President Donald Trump signed and established the guidance of the National Innovation for US Stablecoins (Genius) ACT on July 18.

Just like the mica framework, the genius law also determines reserve requirements for EGE and sheet and also requires that they have anti-money laundering practices (AML) and policies for terrorism policy. It also protects consumers, while it still promotes innovation.

EU, US and China start the Stablecoin race

While the EU is trying to tackle gaps in Stablecoin regulations and the US is progressing with the adoption of rules for issuers, China can also investigate the launch of a Stablecoin supported by Yuan.

Reports last month suggested that the Chinese government is also considering a Stablecoin that was supported by its Renminbi currency because of the slow rollout of a digital yuan.

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