Digital Euro Project: EU Considers Ethereum or Solana for Digital Euro Launch
The Financial Times reported on Friday that the European Union may choose to use Ethereum or Solana for the launch of the much-discussed digital euro project rather than a private blockchain. Although there are inherent privacy problems, issuing a digital euro on a public blockchain could greatly increase accessibility.
America’s Stablecoin Push Could Challenge Europe’s Monetary Authority
The swift enactment of the GENIUS Act, a comprehensive stablecoin law, in the United States has shocked the largest trade bloc in the world. According to the officials, the US’s quick adoption of the stablecoin industry might jeopardize the EU’s hegemony over the euro. In this regard, officials in the EU are rushing the creation of the digital euro because they fear that the US may overtake them in the stablecoin race.
Global Stablecoin Market Sees Shifts as China Eyes Yuan Options
Despite the existence of several stablecoins backed by euros, their market capitalization is minuscule in comparison to those backed by dollars. Even China, one of the most anti-crypto countries, is allegedly reevaluating its position on stablecoins, according to U.Today. Because of worries that dollar-backed stablecoins will further solidify the dominance of the U.S. dollar, the nation may approve yuan-backed stablecoins in a significant turnaround.
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