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Lagarde Says Euro Stablecoins Are No Answer, Urges Public On-Chain Infrastructure
ECB President Christine Lagarde said euro stablecoins are not an efficient way to strengthen the euro and argued Europe should build public settlement infrastructure instead. Lagarde said stablecoins can support tokenized markets, but those instruments should operate within a framework anchored by central bank money rather than replace it. Euro-pegged stablecoins ended 2025 at 0.18% of total stablecoin supply even as the broader market crossed $310 billion.