Stablecoins & CBDC

Regulatory Responses to the Financial Stability Implications of Stablecoins (Nov 2025)

ECB paper by Ulrich Bindseil reviewing the financial stability risks of large global stablecoins, comparing regulatory approaches across jurisdictions, proposing regulatory principles and options, and questioning whether prohibiting stablecoin remuneration actually supports stability.

Topics: stablecoins, cbdc, financial stability, monetary policy

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