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EU pushes digital euro as dollar-backed stablecoins dominate crypto payments

The European Parliament has approved the creation of a digital euro, a significant step in advancing the central bank digital currency (CBDC) project. With a vote of 429 in favor, the move aims to counter the overwhelming dominance of U.S. dollar-backed stablecoins, which account for over 90% of the global stablecoin market. The digital euro, issued by the European Central Bank, will function as legal tender and support both online and offline payments, enhancing accessibility and privacy. EU officials position the initiative as a strategic effort to reduce reliance on private, foreign-currency payment instruments and preserve monetary sovereignty. A final launch is anticipated around 2029.

ambcrypto02/10 18:08