Core Viewpoint - The rise of dollar-pegged stablecoins poses a risk of "dollarization" in the Eurozone, potentially undermining the European Central Bank's (ECB) control over monetary policy [1] Group 1: Stablecoins and Eurozone Risks - A senior ECB official warned that the rapid proliferation of stablecoins could lead the Eurozone to face issues similar to those in emerging economies, where the widespread use of the dollar hampers local policymakers' ability to set interest rates or control money supply [1] - Current data indicates that the total value of stablecoins in circulation globally has increased to approximately $250 billion, with most pegged to dollar assets [1] - If dollar-pegged stablecoins become widely used for payments, savings, or settlements in the Eurozone, the ECB's control over monetary conditions would be weakened [1] Group 2: Concerns Over Private Sector Stablecoins - The ECB official cautioned that a collapse of privately issued stablecoins could trigger a chain reaction within the financial system [1] - The Bank for International Settlements (BIS) issued a stern warning regarding the poor performance of stablecoins as widely usable currencies, citing three main flaws: lack of central bank backing, insufficient safeguards against illegal use, and lack of funding flexibility for generating loans [1] Group 3: Digital Euro as a Defense - The ECB's plan to launch a digital euro is viewed as a robust defense of European monetary sovereignty [1]
欧洲央行官员警惕稳定币 担忧欧元区“美元化”
Yang Shi Xin Wen·2025-07-29 09:24