The European Central Bank may rely on regulated euro stablecoins and private innovation to counter the dominance of US dollar stablecoins, says adviser Jürgen Schaaf.
A central bank digital currency (CBDC) alone will not be enough to challenge the rise of US dollar-pegged stablecoins, according to an adviser to the European Central Bank (ECB).
In a blog post published Monday on the ECB’s website, adviser Jürgen Schaaf outlined a range of strategic options for the European Union to address the rapid rise of dollar-based stablecoins.
Among those options were regulated euro-pegged stablecoins, distributed ledger technology (DLT) applications and the ongoing development of the digital euro.
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