🇪🇺 The ECB estimates that stablecoins could weaken banks… and presents digital euro as a solution.

According to Piero Cipollone, a member of the ECB’s Executive Board, the growing adoption of stablecoins could divert deposits from commercial banks, while shifting payments and data to non-European private actors.
For the ECB, the digital euro would allow banks to retain their role in the payments ecosystem while keeping public money at the core of the financial system.