European Central Bank officials stated that Europe must establish its own digital asset market to maintain financial stability

ChainCatcher news, according to Walter Bloomberg, European Central Bank Executive Board member Piero Cipollone stated that Europe must establish its own digital asset market to maintain financial stability. He supports the use of the digital euro for everyday payments and warned that if deposits shift to foreign tokens, stablecoins could undermine banks and monetary policy.

While stablecoins can facilitate cross-border payments, he pointed out that Europe already offers fast and secure central bank fund transfer services.