The EU promotes euro stablecoins to counter the dominance of the US dollar.

[The EU promotes euro stablecoin to counter the dominance of the dollar] European Stability Mechanism (ESM) Director General Pierre Gramegna stated that the EU should promote the development of stablecoins denominated in euros to reduce dependence on dollar stablecoins and support local financial innovation. He emphasized that stablecoins and tokenized assets will become an important part of the European financial system. Paschal Donohoe, the president of the Eurogroup, believes that while the digital euro (CBDC) still holds potential, euro stablecoins issued by the private sector are equally necessary. European Central Bank official Piero Cipollone pointed out that the digital euro is not expected to be launched before 2029. Following the passage of the GENIUS Act in the United States, the dollar stablecoin has experienced rapid growth, prompting the European Union to adjust its stance and actively promote the euro stablecoin to counter the dollar's dominance in the global digital finance space.