EU explores Euro stablecoins and DLT to counter US digital asset dominance
Main Idea
The European Union is exploring euro-denominated stablecoins and distributed ledger technology (DLT) to counter the dominance of US dollar-backed stablecoins in global finance, with regulatory gaps between the EU and US highlighted.
Key Points
1. The EU is considering regulated euro-pegged stablecoins and DLT to modernize payments and reduce reliance on US dollar-backed stablecoins.
2. ECB adviser Jürgen Schaaf advocates for stronger regulatory alignment and new DLT-powered projects like Pontes and Appia to enhance Europe's financial infrastructure.
3. US President Donald Trump's executive order supporting stablecoin development has increased EU urgency to act.
4. Euro-based stablecoins have seen slow adoption despite frameworks like MiCA, while DLT pilots aim to improve domestic and cross-border payments.
5. The ECB is expected to decide on the digital euro by the end of 2025, with a focus on maintaining financial sovereignty amid US-led digital finance dominance.
Description
The European Union is exploring alternatives beyond the digital euro to tackle the growing dominance of US dollar-backed stablecoins in global finance. An adviser to the European Central Bank (ECB) suggested that regulated euro-pegged stablecoins and distributed ledger technology (DLT) should play a bigger role in Europe’s strategy. The remarks come amid concerns that a central bank digital currency (CBDC) alone will not be sufficient to counterbalance the rising influence of dollar-based digita...
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