The American administration, under the leadership of President Donald Trump, recently adopted a favorable position for cryptocurrencies, aroused concerns within the European Union as to the monetary sovereignty and the financial stability of the euro zone.
The American initiative in favor of cryptocurrencies
Europe is worried. President Trump has signed a decree aimed at strengthening American leadership in digital financial technology, in particular by promoting the Stablecoins backed by the dollar. A new competition that does not delight Europe.
Indeed, this evolution comes as stable -coated to the dollar represent 97 % of the global Stablecoins marketvalued at $ 225 billion. This domination of the dollar in the Stablecoins sector accentuates European fears concerning a possible erosion of the use of the euro. Thus, debates on a possible digital euro are strengthened.
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The signing of this decree by Trump could encourage technological giants, both foreign and American, to revive mass payment solutions based on these stablecoins. Pierre Gramegna, Director General of the European Stability Mechanism (MES), expressed his concerns at a Eurogroup press conference on March 10: “If it were to succeed, it could Allow the monetary sovereignty and financial stability of the euro zone. »»
Piero Cipollone, director of the European Central Bank (ECB), also follows the evolution of the situation up close: “Stablecoins can enter the area of paymentsfor example if they can compete with card systems by reducing the price for the merchant. »» Nevertheless, if Europe is aware that this, it continues to see the stablecoins more as a threat than as an opportunity, unlike in the United States.
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The European answer: the digital euro project
Faced with Trump's initiatives, the European Union thus accelerates the development of its own digital euro. Since 2020, the European Central Bank (ECB) has been working on this project to preserve citizens' access to central bank currency and maintain the central role of European banks in the financial system.
For Pierre Gramegna, “A digital euro is more necessary today than ever”. And he is not the only one to adopt this point of view: ” Political developments in other jurisdictions can have important consequences for us here in Europe Acknowledges the Irish finance minister, Paschal Donohoe. “These discussions are fundamentally linked to our own autonomy and the resilience of our currency. »»
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However, Europe still has some challenges to overcome: this March 10, 2025, A Target 2 (T2) payment system of the ECB has generated doubts about the latter's faculty to manage a reliable digital euro. Some parliamentarians believe that the ECB must first demonstrate its ability to maintain a secure and uninterrupted financial infrastructure before launching a digital currency.
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Source: Eurogroup
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After training in journalism, I worked for a few years in general press before discovering the world of personal finance and the scholarship. Fallen into cryptos since 2020, I am particularly interested in the decryption of news that influence the Cryptos markets. My goal? Always teach my readers more by providing the most precise and the most just possible information.
Justine Ferrari
13 articles
