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Chairman of French Societe Generale: Europe Needs to Embrace Stablecoins
Summary: In a recent article, Lorenzo Bini Smaghi, Chairman of French Societe Generale and former member of the Executive Board of the European Central Bank, wrote 'Europe needs to shrug off fear and embrace stablecoins.' He pointed out that Europe faces the risk of marginalization in the digital financial ecosystem, with 99% of stablecoins globally issued ...
In a recent article, Lorenzo Bini Smaghi, Chairman of French Societe Generale and former member of the Executive Board of the European Central Bank, wrote 'Europe needs to shrug off fear and embrace stablecoins.' He pointed out that Europe faces the risk of marginalization in the digital financial ecosystem, with 99% of stablecoins globally issued by the US and pegged to the US dollar, while the Euro has little presence in emerging areas. Despite the EU introducing the most comprehensive global regulatory framework for crypto assets, MiCA, requiring stablecoin issuers to hold 30% cash and 70% high-rated sovereign bonds as liquid reserves, cultural risk aversion still hinders innovation. European banks perceive stablecoins as a threat and lack the drive to invest in them. (FT)
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