European Union policy manufacturers discuss ramping up efforts to introduce a digital euro because the new US Stablecoin law has intensified the pressure on the bloc to maintain speed in the rapid transfer of digital money world, Financial Times reported,
US Congress approved last month the Genius Act, a plot for the $ 288 billion stablecoin sector led by dollars tokens such as USDT and Circle Internet’s (CRCL) USDC. The move was caught by many Europe guards, according to people familiar with conversations, and sparks concerns that dollars tokens could tighten America’s grip on cross-border payments if the EU could not speed up its own plans.
In a well -known shift, officers are weighed if the central digital currency is launched (CBDC) in public blockchains such as Ethereum or Solana than private infrastructure previously thought.
Until recently, the European Central Bank (ECB) is leaning against a private, central controlled system, citing privacy and security. But resources said US law has moved the conversation, along with some policy manufacturers open today on decentralized networks that can help euro more freely and compete with digital digital assets worldwide, according to FT.
The ECB has been studying a digital euro for many years, pointing it out as a public alternative to privately issued payment systems as decreases in cash use. But the US momentum raises concerns that euro deposits can flow into assets that denomination dollars overseas.
Through China to pilot the digital yuan and the UK considered to be a digital pounds, Europe faces pressure on the pressure to deliver. A small euro -supported euro -supported euro is already there, Circle’s Eurc to them, but a token released by the central bank will carry more weight.
The ECB confirmed in the Financial Times that it still examines both centralized and decentralized technologies, leaving the open possibility of a blockchain -enabled by Euro as a breed of officials to protect the relevance of single currency in a digitizing world.
Read more: ECB said US-back stablecoin use in the EU could weaken financial autonomy
