Italy Calls for Clarity on Cross-Border Stablecoin Rules in the EU

Italy Calls for Clarity on Cross-Border Stablecoin Rules in the EU

In Rome on September 18, a senior official from the Bank of Italy urged the European Commission to clear up ambiguity around “multi-issuance” stablecoins—stablecoins that are issued by the same entity both inside and outside the EU. The concern is that holders outside the EU might request redemptions, creating operational and liquidity risks for issuers. 

The official, Deputy Governor Chiara Scotti, emphasized that uniform rules are needed to ensure stability, user protection, and regulatory consistency across the EU. Currently, friction exists between the European Commission and the European Central Bank over how much freedom issuers have under existing EU rules. Clarified standards would help stakeholders know which tokens are considered interchangeable under cross-border issuance models.