In remarks to the Riksdag Finance Committee’s open hearing on the Financial Stability Board, Riksbank Governor Erik Thedéen argued that stablecoins require a common international regulatory approach, warning that divergent national regimes could become a financial stability issue as the market grows even if risks are currently limited. He pointed to the European Union’s Markets in Crypto-Assets Regulation (MiCA) as establishing an EU framework for stablecoin issuance while the United States has decided to introduce the Genius Act, which he said differs significantly from MiCA in several respects. Thedéen highlighted potential consequences from such divergences, including unequal competition between issuers and scope for regulatory arbitrage, alongside broader stablecoin-related risks such as runs and fire sales, dependence on foreign infrastructures, and fraud and economic crime. Separately, he argued that a debt-to-income limit should be part of the macroprudential toolbox. Thedéen also flagged the ongoing work on a digital euro and called for renewed political analysis in Sweden of the implications for a potential Swedish e-krona, noting that prior work on the new Sveriges Riksbank Act and the Payment Inquiry did not find a sufficiently strong societal need at the time. His presentation material indicated the digital euro could come “in 2029 at the earliest,” which he said reopens the question of an e-krona.

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