The reasoning the ECB president, Christine Lagarde, uses to justify her position is about consumer protection. She actually makes the argument that stablecoins aren’t as liquid as they claim to be and that’s why they should be taxed as speculative investments. The true test of the stability of the defi stablecoin market will come when the ECB attempts to tax stablecoin profits oscillating between $0.99 & $1.01. It’s actually sort of hilarious.