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Europe risks losing control of its financial future to the U.S. dollar unless it brings the euro onto blockchain rails, says Jan-Oliver Sell, CEO of bank-backed stablecoin project Qivalis.
Currently, the euro represents only 0.2% of onchain blockchain transactions, far below its global reserve status.
KEY POINTS
- Qivalis, backed by 12 leading European banks, aims to issue a MiCA-compliant euro stablecoin in 2024.
- The ECB's digital euro project will not launch before 2029 and differs fundamentally from Qivalis's private stablecoin.
- Qivalis addresses euro stablecoin fragmentation by uniting major banks to provide liquidity and unified infrastructure.
- European financial sovereignty is at risk as blockchain-based finance increasingly relies on dollar-denominated stablecoins.
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