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ECB is desperate to lauch Euro backed Tether (or Digital Euro) in defense of the US Stablecoins.
ECB Chief Economist Phillip Lane was speaking at a conference in Ireland where he stated the desperation for a Euro Backed Stablecoin. They might call it a CBDC but they did it with "Digital Euro".
Indeed, stablecoins, which are designed to maintain a stable value relative to a specified asset or pool of assets, have already gained a significant foothold in the crypto-asset universe.Their appeal lies in their ease of use and innovative features and in the possibility for fast, low-cost transactions. While stablecoins play a central role in settling transactions in other crypto assets, it is clear that stablecoins are also attracting interest in the facilitating low-cost cross-border transactions in the “traditional” economy and financial system.
Why this talk if ECB doesn't want a Stablecoin of their own?
In essence, issuing the digital euro is not just about adapting to technological change. It is about safeguarding the core principles that underpin our monetary system – stability, trust, and inclusivity – in an era of rapid transformation.
It has to be said that ECB is not only desperate but also scared of the growing imapact of USD backed Stablecoins.
They're trying to delay the inevitable death of the Euro
Stablecoins are a threat because it allows people outside of the US to use the dollar digitally, including Europeans. Nobody outside the EU is going to use the Euro... but a digital Euro UX might be enough to keep the most cucked Europeans from experimenting with foreign digital wallets.
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I opine that Euro will be the first to die out of world's top 5 fiat currencies. Right now they are no. 2 but the times aren't far when other currency will displace them and that wi see the fall of ECB and Euro.
What's ECB? It's essentially an agreement between the most disagreed nations historically.
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Based on this list yea I think you're exactly right, even Europe doesn't use the Euro where it matters... UK is out, Norway is the energy powerhouse but does its own thing, hard to imagine Germany getting its shit together in time... their panic over US Stablecoins tells you they know their is no demand for their shitcoin.
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They are not going to use... JPY in the EU. Having said that, I can definitely see the appeal of US dollar stablecoins... even in the EU. I hadn't thought about that angle with regards to the EU CBDC
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