European Central Bank Villeroy: Europe risks lagging behind the United States in stablecoins

ChainCatcher news, according to Bloomberg, European Central Bank Governing Council member Francois Villeroy de Galhau stated in an interview with Continental Weekly that there is a risk of European banks falling behind the United States in the rapid development of stablecoins, which could undermine the sovereignty of the European continent.

He pointed out that Europe is ahead in regulation and the development of public digital currencies, but lags in the private currency sector; the stablecoin market size could grow from about $250 billion to several trillion dollars in the coming years, forcing European banks to address the demand for private tokenized currencies. He emphasized that Europe may face risks from the existence of privately issued dollar stablecoins by non-European participants, which is almost currency-like; although discussions have just begun, they are crucial for the future sovereignty of Europe. Previously, it was reported that nine European banks plan to jointly launch a MiCA-compliant euro stablecoin.