Donald Trump’s support for US dollar-backed stablecoins will likely accelerate the European Central Bank’s (ECB) pursuit of the digital euro. 

The ECB’s Pieor Cipollone informed Reuters that President Trump’s dedication to stablecoins could expedite the bloc’s central bank digital currency (CBDC) initiative. The board members anticipate that the European Union (EU) Parliament and Council will conclude the digital euro legislation by the summer of this year. This will allow the rule’s finalization in November 2025.

Support for Pro-stablecoin Policy

Cipollone informed the media outlet that the political world is actively alert to witness an accelerated process. The ECB board member acknowledges the complexity of political processes since they involve multiple considerations. 

Cipollone expressed concerns about the growth in US stablecoins utilization as a payment means. The rise creates a worrisome situation capable of draining deposits from the European banks. A consumer within the EU bloc could prefer holding their cash in

Keep reading this article on E-cryptonews.com.

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