[European Central Bank Warns of Cross-Border Regulatory Arbitrage Risks for Stablecoins, Calls for a Global Unified Regulatory Framework] In the financial stability review preview released today, the European Central Bank pointed out that as of November 2025, the total market capitalization of stablecoins has exceeded $280 billion, accounting for 8% of the crypto market. USDT and USDC together account for nearly 90%, with their reserve assets reaching the level of the world's top 20 money market funds. The report warns that the widespread adoption of stablecoins could lead households to convert part of their bank deposits into stablecoins, weakening banks' retail funding sources and increasing financing volatility. Although MiCAR has prohibited European issuers from paying interest to limit fund transfers, banks are urging the United States to adopt similar measures. The report also mentions that the rapid growth of stablecoins and their connections to the banking system could trigger concentrated fund withdrawals during crises. It emphasizes the risks posed by cross-border 'multi-issuer mechanisms' and suggests implementing additional safeguards before granting access while promoting global regulatory coordination.