Dollar-backed stablecoins: Not a threat in the EU

Dollar-backed stablecoins: Not a threat in the EU

Dollar-Backed Stablecoins

Fecha: septiembre 2025

Maria Demertzis and Alejandro Fiorito

SEFO, Spanish and International Economic & Financial Outlook, V. 14 N.º5 (September 2025)

Dominated essentially by two players which control approximately 90% of total market capitalization, dollar-backed stablecoins have grown into a US$219 billion market, increasing their share of crypto trading and cross-border flows while gaining new momentum from recent U.S. regulatory initiatives. In Europe, however, their potential to become a mainstream instrument is limited. Users face exchange rate exposure and issuer-specific risks that are absent from the existing euro-based systems, and the EU’s Markets in Crypto-Assets Regulation (MiCA) has already discouraged major issuers from entering the market. At the same time, European efforts to upgrade payment services and advance a digital euro aim to strengthen autonomy and reduce reliance on non-EU providers. Although stablecoins could play a role in cross-border payments, and private and public sector actors should remain vigilant, their systemic relevance in the EU appears unlikely in the near future.

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