Digital euro. The European Union is accelerating its plans for a digital euro stablecoin, considering an unprecedented rollout on Ethereum or Solana. The move follows the swift approval of U.S. legislation regulating the $288 billion stablecoin market, which has raised concerns over the euro’s competitiveness in digital finance.
EU speeds up the digital euro
Officials in Brussels and the European Central Bank (ECB) are under pressure to finalize a framework that ensures the euro remains relevant in the global financial system. The urgency grew after Washington passed a law that reinforced the dominance of U.S. dollar-backed stablecoins, leaving European policymakers worried about capital flows shifting abroad.
Ethereum and Solana under review
For the first time, the EU is openly discussing the possibility of issuing the digital euro on public blockchains such as Ethereum and Solana. Until now, the assumption was that the ECB would opt for a private ledger, tightly controlled under its supervision.
Deploying on open networks could accelerate adoption, simplify cross-border payments and connect Europe directly with the existing crypto infrastructure. However, privacy and governance concerns remain at the center of the debate.
Sovereignty and risks
ECB executive board member Piero Cipollone has warned that the rising dominance of dollar-pegged tokens may undermine Europe’s financial stability and sovereignty. While a digital euro could strengthen Europe’s monetary autonomy, critics highlight the risk of exposing user data if deployed on transparent public chains.
Timeline and next steps
The ECB launched its first investigation phase in 2021 and entered a preparation stage in October 2023 to define rules and technical frameworks. In June 2025, Christine Lagarde urged EU lawmakers to speed up legislation, with a Governing Council decision expected later this year if political approvals are secured.
If public blockchains are chosen, the rollout of the digital euro could reshape not only European payments but also the balance of global stablecoin markets.
