Crypto: the monetary sovereignty of Europe in danger according to the ECB

The European Central Bank is no longer illusions: the digital euro alone will not be enough to preserve the monetary sovereignty of the Union in the face of the rise of stablecoins in dollars. In an observation that is both lucid and worrying, advisor Jürgen Schaaf suggests a strategic turn. The solution may not come from the ECB itself, but rather from the private crypto ecosystem, much more reactive.

Dollars stablecoins, a tidal wave ignored for too long

The figures speak for themselves: the majority of global crypto transactions are based on stablecoins backed by the dollar, such as the USDT, which has just broken a new record, or the USDC. This phenomenon gives an excessive monetary influence in the United States, far beyond their borders. Europe, for its part, is slow to impose credible alternatives denominated in euros.

Jürgen Schaaf does not mince his words: despite the existence of a regulatory framework like Mica (Markets in Crypto-Astets), the stablecoins in euros struggle to take off. Their adoption remains marginal, hampered by a lack of technological attractiveness and the absence of a truly structured ecosystem. The European crypto, too wise, too slow, too institutional, struggles to impose itself.

Worse still, American regulation, embodied by the Genius Act, seems to have taken a clear length. While Europe still adjusts its texts, the United States exports its currency on a large scale thanks to the blockchain. The result is final: a loss of monetary influence very real for the European Union.

An expanded crypto strategy: between digital Euro, DLT and private innovation

Faced with this observation, Schaaf does not advocate a technocratic withdrawal. Rather, he calls to rethink the European strategy in depth. Crypto can no longer rely solely on a central bank digital currency. We must adopt a more open, more flexible, more collaborative vision.

In an article published on the ECB website, taken up by Cointelegraph, the advisor underlines that the digital euro alone, It will not be enough to contain the rise of stablecoins backed by the dollar.

In this extended approach, stablecoins in euros, provided they are well supervised, become a leading strategic lever. Carried by private initiative but subject to rigorous regulation, these assets could meet the needs of the market while giving weight to the Euro in the Crypto universe.

The second pillar of this strategy is based on the exploitation of DLT technologies (Distributed Ledger Technology), capable of modernizing wholesale payments and optimizing cross -border transfers. At this stage, innovation in terms of infrastructure becomes as decisive as the monetary program itself.

The urgency of a coordinated and ambitious response

But this strategy will only be able to function out of a fragmented approach. Jürgen Schaaf insists on the need for international coordination to avoid a disparity in rules and practices.

Europe must speak with one voice, not only in front of the United States, which have just adopted three major laws likely to rebatter all the cards, but also in front of the private giants of the web3.

Monetary sovereignty, long considered as a strictly state issue, is now closely linked to the evolution of the crypto sector. Ignore it would amount to accepting, ultimately, the gradual erasure of the euro in digital uses.

In this perspective, the ECB finally seems willing to consider what many actors in the crypto ecosystem have been demanding for years: cooperation between the public sector and private innovation, in a framework that is both rigorous and open. Because in the era of decentralized currency, sovereignty is no longer written only in the treaties; It is also part of the code.