European Central Bank Board Member: In response to Trump's stablecoin promotion plan, the ECB should launch a digital euro

BlockBeats News, January 24th. According to Reuters, Piero Cipollone, a member of the European Central Bank (ECB) Governing Council, stated that the recent actions by U.S. President Trump to promote the development of the U.S. dollar stablecoin further highlight the necessity of introducing a digital euro. Trump recently signed an executive order committing to "foster the development of legitimate USD stablecoins globally," which could result in bank customer attrition and reduced transaction fees.

During a meeting in Frankfurt, Cipollone emphasized that the digital euro would operate as an ECB-backed online wallet, hosted by institutions such as banks, allowing non-banked users to make payments, albeit with limited holdings and no interest. Currently, the Eurozone central banks are testing the feasibility of the digital euro, with a final decision awaiting relevant legislation from the European Parliament.