The European Union (EU) is reportedly mulling over launching a digital version of the Euro on either the Ethereum (ETH) or Solana (SOL) blockchain.
According to a new report by the Financial Times (FT), anonymous people familiar with the matter say that EU officials are looking to speed up the launch of an official Euro-pegged stablecoin after the US passed regulations relating to dollar-pegged crypto assets earlier this year.
[adinserter block="1"]The sources say that since the US passed the GENIUS Act, EU officials have been “rethinking plans for the digital Euro,” including having it launch on a public blockchain Ethereum or Solana rather than on a private one as previously planned.
The sources go on to say that EU authorities are skeptical about public blockchains due to how transparent the transactions are; however, one of them noted their use was something being taken more seriously as of late.
In April, Piero Cipollone, a member of the European Central Bank’s (ECB) executive board, said that the US making moves to promote stablecoins “raise[s] concerns for Europe’s financial stability and strategic autonomy,” according to FT.
Though a decision on the matter has yet to be made, the ECB told FT that both centralized and decentralized technologies are in the running.
Currently, the largest Euro-pegged stablecoin on the market is Euro Coin (EURC), issued by USDC issuer Circle, coming in at a market cap of $225.3 million at time of writing.
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