We are analysing the forms CBDC could take with a view to fulfilling its underlying motivations while mitigating possible negative consequences for monetary stability and financial intermediation. Third, we are reviewing our oversight of payments. The aim is to future-proof the existing Eurosystem oversight frameworks for payment instruments, schemes and arrangements by applying a holistic, agile and functional approach.
In accordance with its mandate the ECB, together with Eurosystem central banks, is preparing to apply its oversight framework for payment systems to innovative projects, including stablecoin arrangements. As the payments landscape continues to evolve, we will work with other international authorities to ensure that the Eurosystem requirements remain relevant by closing any gaps that innovative solutions might create.