An official belonging to the European Union urged that Europe should proactively work towards establishing a stablecoin to challenge the US dollar’s dominance.
Senior European Union official, Pierre Gramegna, the managing director of the European Stability Mechanism (ESM), stated, “Europe should not be dependent on U.S. dollar-denominated stablecoins, which are currently dominating markets.”
Furthermore, he mentioned, “Stablecoins are an inevitable part of this equation. In a rapidly evolving financial landscape, Europe should do its best to facilitate the generation of euro-denominated stablecoins by domestic issuers.”
Gramegna’s voice echoes in the backdrop of the U.S taking over the market with the introduction of the GENIUS regulatory framework earlier this year. With the approval of the framework, the dollar-backed stablecoins such as USDC and USDT started to grow exponentially.
According to Fireblocks, a crypto infrastructure company, 90% of respondents of a survey stated that they are testing or adopting, or using stablecoins for payment.
In addition, Fireblocks’ report on ‘State of Stablecoin in 2025’ says, “Among their most immediate applications is cross-border payments—spanning remittances, B2B transactions, and internal treasury—where they deliver unmatched speed, cost-efficiency, and 24/7 uptime. The industry is at a strategic inflection point: the stablecoin race has become a matter of avoiding obsolescence as customer demand accelerates and use cases mature.”
Speaking about EURI, also known as Eurite, a Euro-pegged stablecoin, the head of Banking Circle, a European bank, stated: “With EURI, we’re not just launching one of the first MiCA-compliant stablecoins; we’re setting a new standard for the region. As the first European bank to issue a regulated e-money token, we’re bridging traditional finance and Web3. EURI is a tool that brings utility such as faster cross-border payments, smart escrow solutions, and seamless transactions across tokenized platforms.”