Titolo completo

Building a Competitive European Market for Stablecoins

Dollar-denominated stablecoins are growing rapidly and almost entirely dominating the market of stablecoins. The European Central Bank (ECB) is responding to the threat of dollarisation of the European tokenised financial system by introducing central bank digital currencies, for retail and wholesale transactions, and creating a platform that would connect private providers of crypto services. However, European initiatives regarding stablecoins and tokenised commercial bank deposits are still very limited. Impediments to the development of digital money derive also from the absence in Europe of a common short-term safe asset. The creation of a European competitive market for stablecoins will require a mix of regulatory reforms and ECB initiatives, regarding the access of stablecoin issuers to central bank reserves and, possibly, the creation of new central bank debt instruments.