BlockBeats News, November 24th: Today, the European Central Bank released the Financial Stability Review Preview (the official report will be released on Wednesday), showing that as of November 2025, the total market value of stablecoins has exceeded $280 billion, accounting for about 8% of the entire crypto market. USDT and USDC together account for nearly 90% of this, and their reserve assets have reached the scale of the top 20 global money market funds.
The European Central Bank report pointed out that if stablecoins are widely adopted, it may lead to households converting some bank deposits into stablecoin holdings, weakening banks’ retail funding sources and increasing funding volatility. Although MiCAR has banned European issuers from paying interest to curb such transfers, banks are still calling for similar restrictions to be implemented in the United States. Furthermore, the rapid growth of stablecoins and their connection to the banking system may also trigger concentrated fund withdrawals in times of crisis. The report emphasized the cross-border “multi-issuer model” risk, warned that EU issuers may struggle to meet global redemption requests, called for the implementation of pre-admission safeguards, and advocated for global regulatory alignment.
