The European Central Bank (ECB) on Monday published a report authored by Senne Aerts, Claudia Lambert and Elisa Reinhold noting that global stablecoin market capitalization now exceeds $280 billion and is dominated by US dollar-denominated tokens ( USDT and USDC), while euro-denominated stablecoins remain small at roughly €395 million; the ECB highlights risks such as de-pegging, runs and interconnectedness with traditional finance.

The paper warns that large stablecoin reserves—comparable to top money market funds and heavy buyers of short-term US Treasuries—could trigger fire sales and spillovers to bank funding and US Treasury markets if a run occurs, and stresses cross-border regulatory arbitrage as a key euro-area vulnerability; the ECB says risks are limited in the euro area today but calls for close monitoring and stronger global regulatory alignment, referencing MiCAR and G20/Financial Stability Board recommendations.

Read More: ECB Monitors Surging Dollar Tokens With Heightened Focus on Volatile Spillovers

• What did the ECB publish and when was it released? The ECB published the report on stablecoins on Monday, 24 November 2025.
• How large are stablecoins relative to the crypto market and euro area? Global stablecoins exceed $280 billion, while euro-denominated supply is about €395 million.
• What are the main financial-stability risks for the euro area? Risks include de-pegging, runs, reserve fire-sales and cross-border regulatory arbitrage affecting euro-area banks.
• What regulatory steps does the ECB recommend for the euro area? The ECB urges MiCAR implementation, closer global alignment and adoption of G20/FSB and Basel recommendations.

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