European Central Bank Advisor: Dollar Stablecoins May Weaken Eurozone Monetary Policy Autonomy

ChainCatcher news, according to CoinDesk, European Central Bank advisor Jürgen Schaaf stated that the widespread use of dollar stablecoins in the EU could undermine the central bank's ability to conduct monetary policy, similar to the challenges faced by dollarized economies. He pointed out that USDT and USDC currently account for over 80% of the stablecoin market, and the market size could reach $2 trillion after the implementation of the U.S. Stablecoin Act.

To address this trend, Schaaf suggested supporting the development of euro stablecoins and emphasized the importance of a digital euro in maintaining European monetary sovereignty. Data shows that the total market value of global stablecoins reached $271.8 billion after the signing of the U.S. bill on July 19.