The European Union (EU) is reportedly mulling over launching a digital model of the Euro on both the Ethereum (ETH) or Solana (SOL) blockchain.
In response to a brand new report by the Monetary Instances (FT), nameless folks aware of the matter say that EU officers want to velocity up the launch of an official Euro-pegged stablecoin after the US handed laws regarding dollar-pegged crypto belongings earlier this yr.
The sources say that for the reason that US handed the GENIUS Act, EU officers have been “rethinking plans for the digital Euro,” together with having it launch on a public blockchain Ethereum or Solana fairly than on a non-public one as beforehand deliberate.
The sources go on to say that EU authorities are skeptical about public blockchains because of how clear the transactions are; nevertheless, certainly one of them famous their use was one thing being taken extra critically as of late.
In April, Piero Cipollone, a member of the European Central Financial institution’s (ECB) government board, mentioned that the US making strikes to advertise stablecoins “elevate[s] considerations for Europe’s monetary stability and strategic autonomy,” in response to FT.
Although a choice on the matter has but to be made, the ECB instructed FT that each centralized and decentralized applied sciences are within the working.
At the moment, the most important Euro-pegged stablecoin on the market is Euro Coin (EURC), issued by USDC issuer Circle, coming in at a market cap of $225.3 million at time of writing.
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