96.2% of stablecoins in circulation are backed by the US dollar, with less than 1% backed by the euro. This imbalance poses a major risk to the future of the euro in global digital finance. Without swift action, the European Union risks monetary marginalisation in tomorrow's international payments and trade.

A Strategic Opportunity

Euro stablecoins are a concrete response to providing the euro with a competitive and sovereign digital version. The momentum is already building: Circle, Société Générale-FORGE and a consortium of nine major European banks have launched regulated initiatives, paving the way for a credible European ecosystem.

The ECB's digital euro (scheduled for 2029) and regulated private euro stablecoins can coexist and reinforce each other to consolidate the euro's position in the global digital economy.

Obstacles to be overcome

Despite this potential, several regulatory barriers are hindering the development of euro stablecoins:

  • Prohibition on remuneration
  • Lack of direct access to central bank accounts
  • Risk of dual MiCA/PSD authorisation
  • Constraints related to the status of significant issuer

Our Recommendations

Adan proposes a series of targeted regulatory changes to support euro stablecoins and the players developing them. These proposals, intended for the MiCA report provided for in Article 142, aim to build a competitive ecosystem that serves European sovereignty.