Europe bulletin: stablecoins aligned, Europe's left energized, nuclear fears rising

Europe’s political and economic landscape is shifting amid global uncertainty. The UK and US are working to align stablecoin regulations as digital finance evolves.

In politics, Zohran Mamdani’s mayoral win in New York is energizing Europe’s left at a time of rising right-wing momentum.

Meanwhile, geopolitical tensions grow as Russia signals readiness to resume nuclear testing, and renewable giant Ørsted faces setbacks tied to US policy and supply chain pressures.

A glance at the major developments in the region on Wednesday.

UK, US seek stablecoin alignment

Bank of England Deputy Governor Sarah Breeden has highlighted how important it is for the UK and the US to work together on stablecoin rules.

With the UK set to release updated stablecoin regulations on November 10, she noted that the Bank of England is actively talking with the US Federal Reserve, and both governments are trying to keep their regulatory approaches aligned.

The new UK proposals will specifically target systemic stablecoins, the types that could become widely used for everyday payments and therefore have a big impact on the financial system.

Stablecoins that aren’t seen as systemic will instead be overseen by the Financial Conduct Authority, which is expected to take a lighter approach.

Overall, the goal is to encourage innovation in digital payments while also putting guardrails in place to prevent potential risks in the crypto market.

The message is clear: if stablecoins are going to be part of the mainstream financial world, the major players need to be on the same page.

Mamdani’s victory inspires Europe’s left

Zohran Mamdani’s win in the New York City mayoral race has really energized left-wing parties across Europe.

His campaign showed that bold, progressive ideas can still break through, even at a time when right-wing parties are gaining ground in many places.

Mamdani focused on things like stronger rent controls, higher taxes on the wealthy, and broader social justice, ideas that clearly connected with voters who are struggling with rising living costs and growing inequality.

Now, parties like Germany’s Left and the UK’s Green Party are taking notes.

They are especially interested in his grassroots organizing style and his willingness to be clear on economic issues without backing away from more open immigration policies.

Putin prepares for possible nuclear tests

Russian President Vladimir Putin has told top officials to start planning for the possibility of restarting nuclear weapons tests, something Russia hasn’t done since 1991.

This comes right after former US President Donald Trump suggested the US might consider doing the same, ending more than 30 years without such tests.

Putin made it clear that Russia wouldn’t act first; they’d only resume testing if the US actually followed through.

Still, he asked government ministries to closely watch what Washington does and be ready with a coordinated response.

Russian defense officials have also pointed out that their testing site in Novaya Zemlya, up in the Arctic, is already prepared if it comes to that.

Security experts are concerned that even discussing a return to nuclear testing could raise global tensions and potentially encourage other countries to restart their own programs.

In short, this could be the beginning of a worrying new phase in global nuclear politics.

Ørsted hit by US policy hurdles

Ørsted, the world’s biggest operator of offshore wind farms, posted a net loss of 1.70 billion Danish crowns (about $265 million) in the third quarter of 2025.

The main issue? Rising tariffs and new regulatory hurdles in the US under the Trump administration.

Trump’s trade policies and the pause on new offshore wind licenses have slowed projects down, with the Revolution Wind project being one of the hardest hit.

On top of that, Ørsted has been dealing with higher costs and ongoing supply chain problems, which have added even more pressure.

While the company’s losses were actually smaller than what analysts expected, its EBITDA still fell short of forecasts.

The broader takeaway here is that renewable energy companies are facing some serious challenges right now, from shifting political climates to global economic uncertainty.

In response, Ørsted says it plans to reduce its workforce by about 2,000 employees by 2027 to help cut costs and stabilize operations.