European Central Bank (ECB) advisors have stated that relying solely on Central Bank Digital Currency (CBDC) is unlikely to challenge the growth of dollar-based stablecoins.
In a blog post published on the ECB's official website on Monday, advisor Jürgen Schaaf suggested that the European Union could respond to the rapid rise of dollar-based stablecoins through several strategic options.
These options include regulated euro stablecoins, applications of Distributed Ledger Technology (DLT), and the continued advancement of the digital euro.
He also emphasized the importance of global coordination in regulating stablecoins. He pointed out the differences in stablecoin regulation between the U.S. GENIUS Act and the EU's Markets in Crypto-Assets Regulation (MiCA).
Schaaf wrote, "Firstly, more support can be provided for regulated euro-denominated stablecoins." He indicated that stablecoins—rather than the digital euro—are more likely to be the main way for the EU to respond to the expansion of U.S. stablecoins.
Schaaf added, "Although public institutions typically prefer to remain neutral, strategic blind spots in this area could come at a high cost." He also noted:
Previous research has indicated that the adoption rate of local European stablecoins remains low.
In May 2024, Fabio Panetta, the Governor of the Bank of Italy and former ECB official, stated that despite frameworks like MiCA attempting to promote the use of euro stablecoins, their circulation remains limited.
Panetta also believes that the digital euro will be a key factor in addressing the slow adoption of euro stablecoins.
Additionally, Schaaf believes that the digital euro is just one part of a broader digital payment strategy. He pointed out that public CBDCs, private innovations, and DLT applications could serve as diversified support for maintaining European monetary sovereignty.
He stated, "In the payment sector, the digital euro is expected to become an important line of defense for safeguarding European monetary sovereignty."
Schaaf did not elaborate further on the digital euro but focused on the applications of Distributed Ledger Technology (DLT), stating that this technology could enhance domestic wholesale payments and cross-border payments.
In early July 2024, the ECB approved two DLT pilot projects—Pontes and Appia—aimed at strengthening Europe's wholesale and cross-border payment infrastructure.
The latest remarks from ECB Executive Board member Schaaf further indicate that Europe is considering multiple paths to respond to the U.S. lead in the stablecoin sector. Europe is not limited to advancing a single initiative like the digital euro.
Since U.S. President Trump signed an executive order in January 2024, committing to enhance the dollar's sovereign status through the promotion of stablecoins, Europe has expressed concerns about U.S. dominance in the digital financial technology sector.
Since then, ECB officials have repeatedly voiced their opinions on related issues, with Board member Piero Cipollone noting that the digital euro would help the EU maintain monetary sovereignty in the eurozone.
Since the preparation phase for the digital euro began in November 2023, ECB officials have yet to decide whether to formally issue it. According to the ECB, the Governing Council plans to decide by the end of 2025 whether to enter the next phase of preparation.
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Original: “ECB Advisor Questions Whether Digital Euro Can Compete with Dollar Stablecoins”
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