European Central Bank Urges Digital Euro to Counter Dollar-Linked Stablecoins

According to PANews, the European Central Bank (ECB) is intensifying its warnings about the adoption of stablecoins, with a senior official advocating for the introduction of a digital euro to mitigate the influence of dollar-linked stablecoins on the continent. Piero Cipollone, a member of the ECB's Executive Board, has authored another article expressing concerns over the growing popularity of dollar stablecoins. He argues that the introduction of a central bank digital currency (CBDC) would help preserve the monetary sovereignty of the eurozone. A potential digital euro, he suggests, would limit the possibility of foreign currency stablecoins becoming a common medium of exchange within the eurozone. Cipollone's remarks are part of a series of similar public statements he has made, consistently promoting the digital euro as a strategic response to the dominance of dollar stablecoins in Europe.