Cipollone emphasizes the need for Europe to develop its own digital asset market to protect financial stability, advocating for the digital euro in daily use while cautioning against reliance on foreign stablecoins.
European Central Bank Executive Board member Piero Cipollone has urged Europe to develop its own digital asset market to ensure financial stability. He expressed support for a digital euro for everyday transactions and warned that reliance on foreign tokens and stablecoins could undermine banking stability and monetary policy. Cipollone acknowledged stablecoins' role in cross-border payments but stressed that Europe already offers fast, secure central bank transfer systems.