The European Central Bank (ECB) is exploring public blockchain technology for a potential digital euro, potentially reducing reliance on dollar-backed stablecoins. While this could improve interoperability with existing blockchain infrastructure, experts warn that state influence over protocol governance may increase. The ECB has not confirmed a specific architecture but is evaluating networks like Ethereum and Solana as alternatives to private ledgers. Public chains are open and verifiable, while private ones restrict data access. This choice could significantly shape the digital euro’s accessibility, auditability, and costs. Although officials have yet to decide on a final model, Executive Board member Piero Cipollone has advocated for cutting stablecoin use in the Eurozone by issuing a digital euro. Meanwhile, the US government promotes dollar-linked stablecoins, while China has built its state-run system on private rails. Juan Ignacio Ibañez of the MiCA Crypto Alliance suggests that public blockchains could improve connectivity and interoperability but also raise concerns about increased state control over protocol governance. This raises questions about trade-offs between openness and oversight in designing a digital euro. The ECB is currently exploring options for pilot programs, security reviews, and coordination with national authorities before committing to a final decision on a model that will shape the future of payments across Europe.