**[Swedish Central Bank Report Analyzes Stablecoin Benefits, Risks, and Policy Convergence]**
The Swedish Central Bank has released a report on stablecoins, exploring their benefits and risks, while analyzing global central bank policies regarding stablecoin issuers. The report highlights that despite differences in regulatory frameworks, the policies of the United States and Europe are practically converging.
The Swedish Central Bank identified three key policy areas:
1. Whether issuers can access the central bank settlement system,
2. Whether central bank reserves can be used as backing assets,
3. Whether issuers can obtain central bank liquidity support.
The United States and Europe have established legal frameworks that technically allow the use of central bank reserves as backing assets, but restrictive measures have been implemented. The MiCA regulation permits stablecoin reserves to include central bank money, but institutions like the European Central Bank and the Swedish Central Bank refuse to use central bank reserves as backing assets.
New regulations allow non-bank payment service providers to use central bank accounts for payment purposes, while only retaining balances necessary for transaction flows.