Lagarde of the ECB cautions that non-EU stablecoins will not be exempt in Europe.

Lagarde's Call for Regulation: ECB President Christine Lagarde emphasized the need for consistent EU oversight of stablecoins, urging that issuers both inside and outside the EU should adhere to the same regulatory standards to mitigate risks to investors and financial stability.

Shift in ECB's Stance: The ECB's recent push for stablecoin regulation marks a significant change from its previous skepticism, as the bank now recognizes the importance of regulating private stablecoins while simultaneously promoting the digital euro amidst growing global interest in these financial instruments.