According to the Financial Times, Lorenzo Bini Smaghi, Chairman of Societe Generale and former member of the Executive Committee of the European Central Bank, wrote an article titled "Europe needs to overcome fear and embrace stablecoins", stating that Europe faces the risk of marginalization in the digital finance ecosystem. Currently, 99% of stablecoins worldwide are issued by the United States and denominated in US dollars, and the euro has almost no presence in emerging fields. Although the European Union has launched the world's most comprehensive cryptocurrency regulatory framework, MiCA, requiring stablecoin issuers to hold high liquidity reserves of 30% cash and 70% high rated sovereign bonds, cultural risk aversion still hinders innovation, and European banks view stablecoins as a threat and lack investment motivation.
The author points out three major cognitive misconceptions: underestimating the strategic value of tokenization technology; Misunderstanding that it can isolate the impact of global stablecoins; Not realizing the negative threat to monetary sovereignty. The article emphasizes that the European Central Bank has institutional advantages in leading stablecoin regulation, and the current moment is a key opportunity to reverse the impression of "excessive regulation". If it hesitates any longer, Europe will lose its voice in the future global financial landscape.
