Divergent regulatory strategies The global regulatory landscape for stablecoins reveals fundamentally different philosophies.
The United States and European Union have chosen opposing paths, with significant implications for market development. America has embraced third-party stablecoins issued by private companies. Simultaneously, US policymakers have explicitly ruled out creating a central bank digital currency. The strategy prioritises private sector innovation over governmentissued alternatives.
Europe has taken the inverse approach. While the European Union permits private stablecoins under MiCA, the regulations prohibit issuers from offering interest or rewards on holdings.
Meanwhile, the European Central Bank is actively developing a digital euro, a government-issued CBDC.
“ Those are the opposite strategies, and it’ s going to be interesting to see which one wins,” Keith says.“ It’ s probably not winner-take-all, but I think in the global financial system, there are winner-takemost markets.”
The question extends beyond mere
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