ECB: Stablecoin market capitalization of $280 billion may pose risks; cross-border regulatory arbitrage is a hidden danger.

According to the latest Financial Stability Report from the European Central Bank (ECB), the global market capitalization of stablecoins has risen to $280 billion, accounting for approximately 8% of the total market capitalization of crypto assets. The rapid growth of stablecoins, their large holdings of short-term US Treasury bonds, and their strong correlation with traditional finance may trigger financial stability risks such as de-anchoring, bank runs, and cross-market shocks. The ECB specifically warned that cross-border regulatory arbitrage could lead to reserve shortages for EU issuers and recommended further strengthening global regulatory coordination and implementing the G20 stablecoin regulatory roadmap to reduce spillover risks.