Trump’s executive order raises EU concerns over USD stablecoin dominance
US dollar-pegged stablecoins account for 97% of the global stablecoin market, raising concerns in the EU about Trump’s plans to push dollar dominance through stablecoins.
US President Donald Trump’s executive order on the United States’ leadership in digital financial technology has escalated the European Union’s concerns around US dollar dominance in the stablecoin market.
European Central Bank (ECB) executive board member Piero Cipollone addressed the digital euro’s role in supporting Europe’s financial and strategic autonomy at a panel of the 13th ILF Conference on the Future of the Financial Sector in Frankfurt on Jan. 24.
Cipollone expressed concerns over the alarming US dollar dominance in the stablecoin market, which is one of the biggest reasons for the European Union to continue building its central bank digital currency (CBDC), the digital euro.
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Author: Helen Partz
