ECB’s Cipollone Warns Stablecoin Growth Erodes Bank Deposits, Backs Digital Euro
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ECB executive board member Piero Cipollone warned that growing stablecoin adoption could erode commercial bank deposits, highlighting the competitive pressure from alternative digital payment tokens.
Cipollone argued a digital euro is necessary to keep commercial banks at the center of the European payments system, countering the shift away from traditional banking channels.
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@cointelegraph🚨 LATEST: ECB Executive Board member Piero Cipollone says growing stablecoin adoption could erode commercial bank deposits, arguing a digital euro would help keep banks at the center of the payments system.