On March 10, 2025, European Stability Mechanism managing director Pierre Gramegna expressed concerns about the potential harm of the US pro-crypto course and USD-denominated stablecoins to the EU's financial stability.
Potential Threats to EU Stability
Gramegna's comments about the potential impact of the US crypto policy on the eurozone relate to Facebook's Libra/Diem story. Facebook failed to launch its crypto due to legal disputes and a cautious approach from governmental institutions.
Economic Security and Facebook
A payment system launched by messengers or social media platforms with multimillion audiences may significantly impact the EU's financial stability and sovereignty. In 2024, Facebook was used by an average of 260 million users daily, accounting for 35% of the EU population. If Europeans begin actively using such systems for payments, a substantial share of liquidity might be redirected from euros into the US economy. These systems also raise concerns about centralization and security.
Solution: Digital Euro and CBDC
The main alternative to popular American stablecoins is the European Central Bank's work on a digital euro, ongoing since 2020. Gramegna emphasized the importance of this initiative and mentioned possible revisions of the MiCA directive to counteract external crypto policies' negative effects.
Despite the dominance of US stablecoins, the European Union considers the introduction of a digital euro, which might strengthen Europe's financial independence amid the US's restrictions on CBDCs and potential leadership in this field.
