ECB executive: Digital euro will limit the use of stablecoins in Europe
European Central Bank is stepping up its warnings on stablecoins, with a senior official calling for the introduction of a digital euro to curb the influence of stablecoins pegged to the dollar on the European continent. European Central Bank Executive Board member Piero Cipollone wrote another article emphasizing concerns about the increasing popularity of dollar-pegged stablecoins. He believes that the introduction of a central bank digital currency (CBDC) will help maintain the monetary sovereignty of the euro area, and a potential digital euro "will limit the possibility of foreign currency stablecoins becoming a common medium of exchange within the euro area." These remarks are part of a series of similar public statements made by Cipollone. He has been actively advocating for the introduction of a digital euro as a strategic move to counter the dominance of dollar-pegged stablecoins in Europe.
