PANews reported on April 22 that according to Cointelegraph, the European Central Bank (ECB) has warned of the possible consequences of the United States' radical support for the cryptocurrency industry, saying that the surge in US dollar stablecoins could undermine the stability of the European financial system. According to a policy document obtained by POLITICO, the ECB called for a revision of the regulatory framework for the Markets in Crypto Assets (MiCA) just months after it came into effect. At the heart of the dispute is that US reforms supported by President Trump could flood the European market with dollar-denominated stablecoins. The ECB is concerned that this could trigger European capital flows to US assets, weaken the EU's financial sovereignty, and expose banks to liquidity risks. The ECB warned that without stricter restrictions, European issuers could face redemption pressure from EU and foreign holders, which could trigger a financial "run" and harm related institutions.

Mikko Ohtamaa, co-founder and CEO of Trading Strategy, said that such concerns are justified, however, the EU had a first-mover advantage in regulation, but they messed it up; due to MiCA's restrictive rules influenced by banks and traditional financial lobbying, no EU stablecoin is globally competitive.