Source: CoinGecko

Article Read

Article At A Glance

    Europe to combat US dollar monopoly with Euro-pegged stablecoin 

    Chryzano
    US dollar challenges European Union

    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.”

    image 69

    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.”

    Disclaimer:

    This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency investments are subject to high market risk. Readers should conduct their own research or consult with a financial advisor before making any investment decisions. The views expressed here do not necessarily reflect those of the publisher.