𝐖𝐡𝐲 𝐭𝐡𝐞 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐄𝐮𝐫𝐨 𝐈𝐬 𝐍𝐨𝐭 𝐄𝐮𝐫𝐨𝐩𝐞'𝐬 𝐀𝐧𝐬𝐰𝐞𝐫 𝐭𝐨 𝐚 $300 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 🇪🇺 Can a euro CBDC really fix Europe's stablecoin problem? In my new op-ed in @TheBigWhale_ , I push back on a premise that's become common in some banking and central banking circles. https://www.thebigwhale.io/article/the-digital-euro-is-not-europes-answer-to-a-300-billion-stablecoin-market The planned retail digital euro and MiCA e-money tokens are built on different rails, carry a distinct legal nature, serve different use cases, and reach different users. Treating one as a substitute for the other is a costly policy mistake we cannot afford. The policy risk is that the two instruments continue to be conflated, and Europe under-invests in its euro stablecoin ecosystem under the assumption that a euro CBDC will fill the current euro stablecoin gap. It will not.(Patrick Hansen)