Europe Races Ahead with Digital Euro Project in Response to U.S. Stablecoin Advancements

The European Central Bank is pushing forward its digital euro initiative, aiming for a 2025 launch, fueled by the US’s progress on stablecoin regulations. Extensive stakeholder engagement from key entities like the ECB and the Governing Council is underway. While legislative approval remains pending, the ECB is dedicated to creating an inclusive and accessible digital euro, with a budget of €1.2 billion allocated for external contracts. This move underscores Europe’s desire for less reliance on international payment systems such as Visa and Mastercard.