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EU Officials Push for Euro-Denominated Stablecoins to Counter US Dollar Dominance
EU Officials Push for Euro-Denominated Stablecoins to Counter US Dollar Dominance
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BTCCSquare news:
European Union officials are intensifying calls for the development of euro-backed stablecoins, warning that reliance on US dollar-denominated alternatives risks ceding control of the global digital payment system. Pierre Gramegna of the European Stability Mechanism emphasized the urgency, stating Europe must foster domestic issuance to avoid dependency on foreign stablecoins.
The market share of euro stablecoins remains negligible at $620 million against a $300 billion sector. ECB support and speeches by figures like François Villeroy de Galhau signal a policy shift, with Paschal Donohoe of the Eurogroup highlighting the digital euro’s potential benefits for regional commerce.
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