Payment News

ECB Not Keen About Euro-Denominated Stablecoins

A consortium of major European banks are working on a privately-issued digital euro. However, the European Central Bank (ECB) argues that euro-denominated stablecoins are not an effective way to strengthen the euro’s international appeal.

The President of the ECB sees the best solution as ‘more integrated capital markets through the savings and investment union, and over time a safe asset base that matches the scale of our ambitions for the euro’s international role.’ When it comes to payment settlement, the key for the ECB is whether a common anchor is in place, rather than which payment instrument comes out on top. To that end, the ECB is working on the Pontes project to provide wholesale settlement