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FollowingECB officials reiterated their opposition to euro stablecoins and pushed for digital euros
At a gathering of Italian cooperative bankers on Friday, July 17, ECB Executive Committee member Piero Cipolone once again conveyed the long-standing anti-stablecoins stance of Europe's highest bank.
This time, Chipolone opposed allowing the free circulation of euro stablecoins in continental Europe on the grounds that it would dilute retail deposits flowing into traditional banks. In his view, the solution already exists in the digital euro planned by the European Central Bank.
Chipolone's remarks in Rome were likely to win the welcome of the audience present-the Italian Federation of Cooperative Credit Banks. The loan business of these banks relies even more on deposits than large commercial banks.
Why does the European Central Bank oppose the euro stablecoin?
The European Central Bank gave different explanations for its stance against euro stablecoins. Executive Commissioner Cipolone pointed out that the popular digital payment model in recent years has had an impact on banks, causing banks to lose payment fees and customer transaction data. If stablecoins are added, the situation will become even more severe.
Chipolone presented the European Central Bank's Digital Central Bank Digital Currency (CBDC) to the audience as a solution. "The digital euro can both maintain the role of public money and ensure that banks continue to participate in the payment ecosystem while meeting customer needs," he said. Chipolone also mentioned another common point: Europe is facing competitive pressure from non-local payment infrastructure providers.
Will the ECB change its stance on stablecoins?
Chipolone's remarks on July 17 reiterated the position that the European Central Bank has been adhering to for months. On June 1, European Central Bank Executive Member Isabel Schnabel said at the Bank of Korea meeting in Seoul that stablecoins threatened financial stability and monetary sovereignty. She compared stablecoins to the 1970s when money market funds withdrew deposits from banks.
Digital euro pilot continues to advance
Friday's speech came three days after the European Central Bank pushed the digital euro closer to reality. On Tuesday, the European Central Bank selected 36 payment service providers to launch a 12-month pilot project. The institutions were selected from more than 50 applicants, covering banks, fintech companies and payment companies across the euro zone.
The shortlist includes Deutsche Bank of Germany, Eucredit Bank of Italy, and digital bank Revolut. The pilot will be co-hosted by the European Central Bank and 19 of the 21 central banks in the euro zone. Two eurozone members, Malta and Bulgaria, did not participate.
Chipolone serves as chairman of the European Central Bank's High-Level Working Group on Digital Euro. He said at the time that the strong interest showed that the private sector was ready. The pilot plan will be launched in the second half of 2027 and will test a beta version of the digital euro that does not have legal tender status.
At the same time, the political level is also advancing. In June, the Economic and Monetary Affairs Committee of the European Parliament supported digital euro legislation with 43 votes in favor, 14 against, and 1 abstention. The bill is part of a package that also protects the future of physical cash.
Even so, the European Central Bank said it does not expect to issue digital euros until after 2029 at the earliest. Banks worried about losing deposits, and issuers of stablecoins that covet the euro market, have a few years to watch and see where the game goes.
