According to a Friday report by the Financial Times, the European Union might launch the much-talked-about digital euro project on Ethereum or Solana instead of opting for a private blockchain.
Issuing a digital euro on a public blockchain could significantly boost its accessibility, but there are some concerns about privacy-related issues.
Jolting EU into action
The world's biggest trading bloc has been rattled by the quick passage of the GENIUS Act, a comprehensive stablecoin legislation, in the US.
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The EU is now worried that it might fall behind the US in the stablecoin race, which has prompted its officials to accelerate the development of the digital euro.
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The rapid embrace of the stablecoin sector in the US could threaten the dominance of the euro within the EU, according to the officials.
Even though there are some euro-backed stablecoins, their market cap represents only a tiny fraction of dollar-backed ones.
Global stablecoin race
As reported by U.Today, even China, which is known as one of the most anti-crypto jurisdictions, is now reportedly mulling greenlighting yuan-backed stablecoins in a major reversal due to concerns that dollar-backed stablecoins would further boost the hegemony of the greenback.
Japan, the fifth-largest economy, has also recently approved the very first dollar-pegged stablecoin.
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