PANews reported on November 24 that the European Central Bank's preview of its Financial Stability Review (the official report will be released on Wednesday) shows that as of November 2025, the total market capitalization of stablecoins has exceeded $280 billion, accounting for approximately 8% of the entire crypto market. USDT and USDC together account for nearly 90% of this, and their reserve assets have reached the size of the world's top 20 money market funds.

A European Central Bank (ECB) report points out that widespread adoption of stablecoins could lead households to convert some of their bank deposits into stablecoin holdings, weakening banks' retail funding sources and increasing funding volatility. While MiCAR has prohibited European issuers from paying interest to curb such transfers, banks are still calling for similar restrictions in the US. Furthermore, the rapid growth of stablecoins and their linkage to the banking system could trigger concentrated capital outflows during crises. The report emphasizes the risks of cross-border "multi-issuance mechanisms," warning that EU issuers may struggle to meet global redemption requests, calling for pre-access safeguards, and promoting global regulatory alignment.