FRANKFURT - The European Union's financial risk watchdog called on Thursday for urgent safeguards on stablecoins only partly issued in the bloc, echoing a warning from the European Central Bank, which is worried that their failure could induce a run on reserves. The EU has put in place one of the world's strictest regimes on crypto assets but policymakers worry that issuers originating from outside the bloc enjoy easier regulation and could import financial risk. EU rules require stablecoins to be fully backed by reserves. Lagarde said the bloc should hold companies that issue stablecoins both in the EU and abroad to the same standards. In "multi-issuer" schemes, an EU and a non-EU entity jointly issue stablecoins, and the strict EU regulation does not extend to the non-EU issuer, tilting the playing field.