The development of stablecoins is a strategic issue for the European Union's competitiveness and monetary sovereignty. While almost all stablecoins in circulation are backed by the US dollar, the euro remains marginal in this market, despite its potential to strengthen the euro's position in the global digital economy.
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
Regulation (EU) 2023/1114 (MiCA) has established a harmonised framework for the issuance and supervision of e-money tokens. However, some of its provisions still limit the ability of European players to develop a competitive offering:
- Prohibition on remuneration
- Lack of direct access to central bank accounts
- Risk of dual MiCA/PSD authorisation
- Constraints related to significant issuer status
Our recommendations
In this context, Adan proposes a series of regulatory changes to support euro stablecoins and the players developing them. These proposals, intended for consideration in the context of the MiCA report provided for in Article 142, aim to build a competitive ecosystem that serves European sovereignty.
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