Germany and Italy have submitted proposals to tighten the regulation of stablecoins in the European Union, aimed at restricting access for issuers from non-EU countries and expanding the powers of regulators. According to the initiative, stablecoins issued by companies from jurisdictions not recognized as equivalent to EU standards will not be allowed to legally circulate in the Eurozone. The European Banking Authority (EBA) is proposed to be granted the power to fully prohibit the circulation of stablecoins in the event of serious violations or threats to the interests of token holders. Large issuers may come under the direct supervision of the EBA, and their reserve assets must be quickly transferred across borders to cover liquidity shortfalls. These measures are intended to strengthen the protection of the Eurozone's financial markets.