The European Systemic Risk Board’s (ESRB) recommendation to ban multi-issuance stablecoins reflects mounting concern over foreign influence in Europe’s financial system. The proposal, which bans providers like Circle and Paxos from issuing identical tokens across jurisdictions while maintaining reserves in only one EU member state, fits with the European Central Bank’s (ECB) intensifying campaign to restrict the use of multi-issuance stablecoins in the region.

According to a Bloomberg report, the ESRB’s ban recommendation exposes the EU’s mounting concern over foreign influence in Europe’s financial system. The report added that while the ESRB’s guidance is not legally binding, it carries weight. Its board, which is chaired by ECB President Christine Lagarde, includes central bank governors and top EU officials, and its recommendations are expected to pressure national regulators to act — or justify inaction.

Lagarde has emerged as one of the most vocal critics of stablecoins, particularly those backed by U.S. dollar reserves. Her opposition is rooted in a broader vision for European monetary sovereignty. She has previously warned that allowing foreign holders to claim assets from EU-based issuers introduces “significant legal, operational, liquidity and financial stability risks at EU level.”

The ECB president’s concerns are not theoretical. an ECB presentation from April underscored that reserves for these stablecoins are typically held in dollar-denominated assets outside the bloc — undermining the EU’s Savings and Investment Union agenda and weakening its control over capital flows.

Proponents of the ESRB point to the recently passed GENIUS Act, which specifically mandates issuers to hold dollar-based assets, including demand deposits and short-term U.S. Treasury bills, as validation of the multi-issuance ban proposal.

The proposed ban is seen as having significant implications for U.S.-based stablecoin issuers like Circle and Paxos, both of which operate under EU licenses but maintain reserves primarily in the United States.

While spokespeople for Circle, Paxos and various EU market authorities declined to comment, insiders suggest that the ECB’s stance may clash with earlier support from the European Commission for the multi-issuance model.

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