The Swedish central bank, Riksbank, has released a research report highlighting a gradual convergence in stablecoin regulatory policies between the US and Europe. Despite differing frameworks, both regions are aligning on key policy dimensions, including access to settlement systems, use of central bank reserves as collateral, and liquidity support for stablecoin issuers. While legal provisions allow the use of central bank reserves, practical limitations persist. The European Central Bank permits some non-bank payment institutions to maintain central bank account balances for transaction flows but has not yet allowed stablecoins to be used as backing.