ECB's Villeroy: Europe Risks Falling Behind the US in Stablecoins

ChainCatcher news, according to Bloomberg, Francois Villeroy de Galhau, a member of the European Central Bank's Governing Council, stated in an interview with Der Spiegel that with the rapid development of stablecoins, European banks risk falling behind the United States, which could weaken the sovereignty of the European continent.

He pointed out that Europe is leading in regulation and the development of public digital currencies, but is lagging behind in the private currency sector; the stablecoin market size may grow from about $250 billion to several trillions of 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 private dollar stablecoins issued by non-European participants, which are almost currency-like; although related discussions have just begun, they are crucial for the future sovereignty of Europe. Previous news reported that nine European banks plan to jointly launch a MiCA-compliant euro stablecoin.