European Stability Mechanism managing director Pierre Gramegna says a potential flood of US dollar-denominated stablecoin payment solutions could impact Europe’s monetary sovereignty.
Finance officials in the European Union are concerned US President Donald Trump’s embrace of digital assets could affect Europe’s monetary sovereignty and financial stability.
“The US administration is favorable toward cryptocurrencies and especially dollar-denominated stablecoins, which may raise certain concerns in Europe,” European Stability Mechanism (ESM) managing director Pierre Gramegna said at a Eurogroup press conference on March 10.
Gramegna cautioned that the US crypto pivot “could eventually reignite foreign and US tech giants’ plans to launch mass payment solutions based on dollar-denominated stablecoin,” adding, “And if this were to be successful, it could affect the euro area’s monetary sovereignty and financial stability.”
