Lagarde urges backing for a digital euro to counter dollar stablecoins’ payments lead

ECB President Christine Lagarde is urging support for a digital euro as the euro zone’s main response to the expanding role of USD-pegged stablecoins in global payments, while arguing private euro stablecoins are not an adequate substitute. Dollar stablecoins have a market cap of around $317 billion, based on CoinMarketCap data. By comparison, euro-denominated stablecoins have less than a $1 billion market cap.