Pierre Gramegna, Director General of the European Stability Mechanism (ESM), said the European Union should promote the development of euro-denominated stablecoins to reduce dependence on US dollar stablecoins and support homegrown financial innovation. He stressed that stablecoins and tokenized assets will become an important part of the European financial system.
Eurogroup President Paschal Donohoe believes that while the digital euro (CBDC) still has potential, a private sector-issued euro stablecoin is also necessary. European Central Bank official Piero Cipollone pointed out that the digital euro is not expected to be launched until 2029.
After the United States passed the GENIUS Act, the rapid growth of US dollar stablecoins prompted the European Union to adjust its stance and start actively promoting euro stablecoins in response to the dominance of the US dollar in the global digital finance sector.
European Union promotes euro stablecoin to counter dollar dominance
2025-10-09 21:25:11
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