The stables are growing rapidly. The majority of the $ 255 billion sector is currently concentrated on tokens backed by US dollars, representing $ 241 billion of that total, according to Rwa.xyz data.
The former member of the European Central Bank and President of Société Générale, Lorenzo Bini Smaghi, has said that the imbalance could stop Europe in the next phase of global finances.
Writing at the Financial Times, Bini Smaghi said the European Union already has the markets in cryptocurrencies. (Mica) Law, which forces the emitters to retreat tabs with cash and high -grade sovereign bonds.
The block also executes a pilot regime for distributed accounting books trade. However, the euro barely appears in the Stablecoin market today because banks and policy formulators avoid the new technology, he wrote.
Société Générale, it is worth adding, he launched his own stablecoin backed by the euro in 2023. Last month, he also launched one backed by the US dollar.
He says that hesitation at risk of European monetary sovereignty. If consumers and companies adopt stable in dollars for daily payments and savings, deposits could drain from the euro area banks to platforms linked to the United States.
That change would erode the control of the ECB in money flows and refine its ability to direct rates or calm the markets, added Bini Smaghi. He argued that regulators should lean, not the progress of the block.
When sponsoring European tokens and coordination standards, the ECB could modernize cross -border payments and help unify European capital markets.
If Europe remains on the sidelines, “will accept its marginalization in the future of global finances,” he wrote.
