Multi-Issuer Stablecoins: Addressing a Critical Supervisory Blind Spot in the EU’s Hybrid Financial Ecosystems

Obrisani Korisnik — Mon, 19 Oct 2026 05:57:41 GMT

The project “Multi-Issuer Stablecoins: Addressing a Critical Supervisory Blind Spot in the EU’s Hybrid Financial Ecosystems”, co-led by Prof. Marta Božina Beroš, PhD, of Juraj Dobrila University of Pula and Prof. Gabriella Gimigliano, PhD, of the University of Siena, is funded by the European Central Bank (ECB) under the “Legal Research Programme 2026”, a programme through which, since 2008, the ECB has connected academia and practice and encouraged financial-legal scholarly research on central banking issues.

The project examines stablecoins that are jointly issued by issuers based in the EU and in third countries. Neither MiCAR nor the forthcoming PSD3/PSR regulates this type of crypto-asset, which creates a regulatory and supervisory gap precisely where hybrid finance meets traditional banks supervised by the Single Supervisory Mechanism (SSM), that is, the ECB. The methodology combines a qualitative analysis of the EU’s positive financial-legal framework (MiCAR, the SSM Regulation and PSD3/PSR) with targeted case studies (Circle Mint Europe).

The research poses two questions. First, which supervisory gaps arise when systemically important stablecoins are integrated into banking and payment infrastructure, and to what extent do MiCAR and PSD3/PSR address them? Second, which regulatory and institutional factors limit the ECB’s powers over these risks, and what are the options for reform?

For more information about the research project: https://www.croris.hr/projekti/projekt/19547

UNIPU - Multi-Issuer Stablecoins

Multi-Issuer Stablecoins: Addressing a Critical Supervisory Blind Spot in the EU’s Hybrid Financial Ecosystems