The ECB aims to balance the influence of US-based stablecoins with the digital euro.

The European Central Bank (ECB) is accelerating the digital euro project to balance the influence of dollar-indexed stablecoins and US-based payment platforms on the European financial system. ECB Chief Economist Philip Lane noted that electronic payment services offered by major tech companies like Apple Pay, Google Pay, and PayPal have exposed Europe to economic pressures and risks. He emphasized that this situation poses a threat to Europe’s financial independence.

Since 2021, the ECB has been working on the digital euro project, with the preparatory phase expected to be completed by October. ECB President Christine Lagarde stated that the digital euro would be a critical step in strengthening Europe’s financial independence and playing a more active role in global trade. Lagarde stressed the need for Europe to swiftly implement the digital euro to keep pace in the digital finance landscape.