ECB Official: Euro-Backed Stablecoins Could Enable Low-Cost Cross-Border Payments

ECB Official Acknowledges Stablecoins' Potential in Cross-Border Payments

ECB Governing Council member Nagel recently stated that euro-denominated stablecoins could play a significant role in enabling low-cost international transactions, complementing the central bank's digital euro initiative.

Nagel pointed out that Europe currently relies heavily on external technologies for payment systems, which hinders long-term development. He emphasized the need for greater autonomy in this area and expressed openness toward stablecoin technology.

• Euro-backed stablecoins may reduce transaction costs
• Could work alongside the digital euro project
• Europe needs an independent payment infrastructure

This statement indicates a more flexible stance from the ECB toward stablecoins, potentially paving the way for future regulatory frameworks.