A recent report by the Swedish Riksbank sheds light on the convergence of stablecoin policies between the United States and the European Union, despite diverging regulatory frameworks. The report analyzes three key policy dimensions: access to settlement systems for stablecoin issuers, the use of central bank reserves as collateral assets, and liquidity support mechanisms. While both the U.S. and EU allow the use of central bank reserves legally, practical hurdles remain in place. Notably, the European Central Bank has granted permission to certain non-bank payment institutions to hold balances related to transaction flows in its accounts, but hasn’t extended this authority to stablecoin backing purposes.