The European Commission has provided more information on its plans to update EU payment regulations, including how they will affect stablecoins. The proposed Payment Services Directive 3 (PSD3) and Payment Services Regulation (PSR) aim to regulate digital payments across the EU and enable non-banks to access payment systems.

This means that stablecoin issuers may be able to open accounts at the European Central Bank to hold stablecoin reserves. The proposals will need to be reviewed by the Council and European Parliament before becoming law, with implementation not expected until at least 2026.