The European Central Bank (ECB) has gained backing for a sweeping stablecoin ban across the European Union (EU), a move that could disrupt major issuers such as Circle and Paxos. At the center of the debate are so-called multi-issuance stablecoins, tokens jointly issued in the EU and abroad, but treated as interchangeable. Under this model, EU-licensed issuers must hold reserves within the bloc, while their non-EU partners continue to manage reserves for identical tokens overseas. According to a Bloombe ...