Odaily Planet Daily reports that Joachim Nagel, a member of the European Central Bank Governing Council and President of the German Federal Bank, stated in a speech at the German-American Chamber of Commerce that launching euro-denominated stablecoins can provide low-cost cross-border payment services for individuals and businesses, and address the dollarization risk posed by dollar stablecoins. Joachim Nagel pointed out that if domestic currency is replaced by dollar stablecoins, it would be equivalent to dollarization of the relevant economy, which could severely weaken the effectiveness of domestic monetary policy and European sovereignty. Currently, the European Central Bank is evaluating the possibility of using distributed ledger technology in non-central bank currencies, including tokenized deposits and euro stablecoins, and plans to launch a digital euro in 2029. Additionally, the European Central Bank is developing wholesale CBDC to enable participation by financial market institutions in programmable transactions.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
This Week's Financial Focus: Fed Rate Decision, Surging Oil Prices, and Nvidia Annual Developer Conference Draw Market Attention
US stock market declined for the third consecutive week, oil prices surged above $100 per barrel due to Iran conflict impacts, putting global energy supplies under pressure. Markets focused on the Federal Reserve's interest rate meeting and upcoming corporate earnings reports, including Micron Technology, while in tech activities, Nvidia's developer conference is about to commence, with investor sentiment affected by multiple factors.
GateNews41m ago
Bitcoin Breaks Through $74,000 Resistance Level, Crypto Market Strengthens Collectively, ETH and SOL Lead Weekly Gains
On March 16, the crypto market continued to rise, with Bitcoin surpassing $74,000, up 2.9% in 24 hours. Ethereum and Solana showed larger gains, indicating capital flowing toward higher-risk crypto assets. An improving macroeconomic environment provided market support, with falling oil prices and a weakening dollar aiding liquidity release. The market is focused on the upcoming Federal Reserve meeting, which could impact future interest rate expectations.
GateNews1h ago
Bipartisan Blockade! U.S. Congress Passes Bill to Ban Federal Reserve from Issuing CBDC Before 2031
The U.S. Senate passed a housing bill 89-10 that bans the issuance of central bank digital currencies (CBDC) before 2031 and promotes the development of private stablecoin markets. The bill has sparked disagreement between the two chambers over the duration of the ban, with the House of Representatives hoping for a permanent prohibition. Despite strong support, there remains uncertainty and political variables in subsequent negotiations in the House.
CryptoCity2h ago
Barclays Adjusts Expectations: Bank of England May Hold Rates Steady in March, Previously Expected 25 Basis Points Cut
Gate News reported that on March 16, Barclays Bank adjusted its expectations for the Bank of England's monetary policy, expecting the Bank of England to maintain interest rates unchanged in March, while the institution previously expected the Bank of England to cut rates by 25 basis points.
GateNews2h ago
Powell's Showdown with Justice Department: If Investigated, Chair Will Remain as Governor After Term Ends
Federal Reserve Chair Powell may remain as a governor after his term ends, breaking precedent. Documents show Powell hopes to focus on family after the investigation concludes. Currently, Trump is pressuring rate cuts, but lacks the votes to support a new Fed chair.
GateNews2h ago
Ledger Executive: If the US Bans Stablecoin Yields, Other Countries May Fill the Regulatory Gap
Ledger Asia-Pacific Head Shibayama stated that if the US implements a stablecoin yield ban, international discussions will increase. Countries like Australia have already provided regulatory exemptions, and currently most stablecoins do not offer yields to users. US regulatory bill progress has been slow due to opposition to prohibition clauses supported by the banking industry. Asian financial institutions' focus has shifted toward financial product tokenization and stablecoin issuance, rather than crypto-native products like DeFi.
GateNews2h ago
