ECB Steps Up Digital Euro Push as Stablecoin Market Nears $300B

On June 1, 2026, ECB Executive Board member Isabel Schnabel said rapid stablecoin growth could amplify financial-stability risks and reinforce reliance on the U.S. dollar, urging Europe to speed up work on a digital euro. The ECB estimates the global stablecoin market is nearly $300 billion, with USDT and USDC accounting for about 90% of circulation. The ECB expects technical preparations for a potential digital euro launch to be completed by 2029, provided legislation is approved in 2026.