The European Central Bank (ECB) is accelerating its digital euro plans, aiming to reduce reliance on U.S. payment giants and foreign stablecoins.
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Chief Economist Philip Lane stressed that Europe must safeguard its financial independence, particularly as geopolitical tensions rise. Rather than allowing dollar-backed stablecoins to gain traction in the eurozone, the ECB envisions its digital currency as a way to maintain monetary control.
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Lane warned that dependence on American financial firms, including Visa and Mastercard, could weaken Europe’s economic sovereignty. Meanwhile, the U.S. is advancing stablecoin regulations, with Senator Hagerty’s GENIUS Act likely to pass soon.
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The ECB launched its digital euro initiative in 2021, but delays in European Union legislation have stalled progress. Officials argue that the project would unify Europe’s fragmented payment systems and create a secure alternative to private cryptocurrencies. ECB President Christine Lagarde has urged lawmakers to act swiftly to ensure the region’s financial autonomy.
European policymakers are also wary of Donald Trump’s pro-stablecoin stance, seeing it as a potential challenge to the euro’s global standing. Across the Atlantic, U.S. lawmakers are pushing for stricter crypto regulations, with key bills expected to advance in the coming months.
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Alexander Zdravkov
