Jürgen Schaaf emphasizes the importance of euro-denominated stablecoins and regulatory coordination to counter the influence of dollar-pegged stablecoins.
European Central Bank adviser Jürgen Schaaf stated that a central bank digital currency (CBDC) alone will not suffice against the rise of US dollar-pegged stablecoins. He proposed euro-pegged stablecoins and stronger regulatory measures as key strategies for the EU. Schaaf noted that while the digital euro is important, it should be part of a broader digital payments strategy, alongside distributed ledger technology (DLT) applications. The ECB is considering a multi-faceted approach to maintain eurozone monetary sovereignty in light of US dominance in digital finance.