Sveriges Riksbank has published a paper on stablecoins exploring the benefits and risks. It also includes an analysis of how central banks globally are shaping policies toward stablecoin issuers, revealing practical convergence between US and European approaches despite different regulatory frameworks.
The Riksbank’s analysis identifies three critical central bank policy areas: whether issuers can access central bank settlement systems, whether they can use central bank reserves as backing assets, and whether they receive access to standing facilities and liquidity backstops.
Both US and European regulators have created legal frameworks that technically permit central bank reserves as backing assets while implementing practical limitations that restrict their use. In Europe, MiCA permits stablecoin reserves to include central bank money, though the ECB and other EU central banks including Sveriges Riksbank have declined to permit this for stablecoin backing. However, new ECB rules allow nonbank payment service providers to use central bank accounts for payment purposes, holding only balances sufficient for transaction flows.
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