The EU's EBA_News is on the lookout for stablecoins that could endanger the financial system, and may impose new rules for stablecoins backed heavily by derivatives or covered bonds. jackschickler reports
European stablecoin issuers would face extra rules if their reserves have a lot of derivatives or covered bonds under draft rules circulated by the European Banking Authority Monday.
“Financial distress at one ART [asset-referenced token] or EMT [e-money token] issuer can materially increase the likelihood of distress at other issuers of crypto-assets or at other financial institutions given the network of contractual obligations in which issuers operate,” said the document, seen by CoinDesk, referring to the two categories of stablecoin set out in MiCA whose value is tied to fiat currency or other assets.
The EBA has now set out a range of tentative indicators such as the share of assets held in the reserve issued by other regulated financial institutions other than deposits, and the market share of cross border payments, alongside already legislated metrics such as the number of users and market capitalization.
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