EU considers euro stablecoins to counter dollar dominance

EU officials propose creating euro-denominated stablecoins to compete with the US dollar’s market dominance. Pierre Gramegna advocates for fostering innovation in domestic stablecoins to ensure Europe’s independence from dollar reliance.

The digital euro, a central bank digital currency, is projected not to launch before 2029. This delay is tied to ongoing discussions about regulatory measures to mitigate risks from foreign stablecoins.