German Central Bank Governor Calls for Euro-Backed Stablecoins to Enhance European Independence

Euro-Backed Stablecoins: A Step Toward Financial Independence

German Central Bank Governor Joachim Nagel recently stated during a key event in Frankfurt that promoting euro-backed stablecoins and central bank digital currencies (CBDCs) will be a crucial part of Europe's financial strategy.

He noted that the U.S.-dominated payment systems currently dominate the global financial landscape, and Europe needs to build a more self-reliant financial infrastructure.

• Stablecoins should be issued based on the euro
• Enhance independence of European payment systems
• Support the rollout of central bank digital currencies (CBDCs)

The Future of European Payments

Nagel emphasized that EU regulators are actively advancing the deployment of retail CBDCs, which will help boost Europe's competitiveness in the digital finance space.

In addition, euro-denominated stablecoins can not only improve cross-border payment efficiency but also reduce dependence on external monetary systems.