According to Piero Cipollone, a board member of the European Central Bank (ECB), the banks in the Eurozone require a digital version of the Euro to counter the efforts of US President Donald Trump in promoting stablecoins backed by the US globally.
Cipollone emphasized the potential repercussions of Trump’s recent initiative on the global financial system during a policy meeting in Frankfurt on Friday.
On Thursday, Trump signed an executive order focusing on strengthening US dominance in the digital financial technology space, with a particular emphasis on safeguarding the sovereignty of the US dollar.
The order includes measures to support “the sovereignty of the United States dollar, including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.”
