ECB President calls for closing EU stablecoin regulatory loopholes

According to Jinshi Data, European Central Bank President Christine Lagarde stated at a regulatory meeting on September 3rd that EU lawmakers should require foreign stablecoin issuers to implement "safeguards" and "robust equivalence regulatory systems" to prevent the risk of reserve runs. She emphasized that such schemes can only operate within the EU if they are supported by equivalent systems in other jurisdictions and relevant asset transfer safeguards. Lagarde noted that this highlights the importance of international cooperation and warned that without a fair global regulatory environment, risks will shift to the weakest link.