The European Union accelerates digital euro development activities after the United States of the United States approved the comprehensive law regulating the stablecoin sector. The arrangement adopted in the United States increased concerns about the long -term situation of the Euro in the competition in the crypto asset market in Brussels.
Stablecoins: USA vs EU
Genius Act, approved in the US in recent weeks, has created a clear and comprehensive framework for the Stablecoin market. In the USA, the stablecoin market is largely operating in dollars, and this area is said to have a market size of $ 288 billion. The USDT, which is currently the largest stablecoin, has a market size of $ 167 billion. The closest opponent is USDC 67.5 and US $ 11.8 billion. Some observers in the EU pointed out the need to accelerate the digital Euro project after this development.
Upon the adoption of the law, the officials in Brussels began to re -evaluate the options for how to design the digital euro. In these evaluations, the titles come to the agenda, such as whether the digital euro will remain in a closed system under the control of the European Central Bank, or whether it will be developed on the public blocks.
It is known that European Union officials and various stakeholders discuss different approaches to the technological infrastructure of the digital euro. Many countries like Türkiye do this, but time is flowing rapidly. Ethereum, the euro’s public blockchains $4,760.77 Or, even about whether it would be useful to develop on nets like Solana or in a central structure. However, the US has already exceeded these concerns because the closed network structure is not very different from the current digital banking system.
Although the sources pointed out that the EU focused on the current situation under the control of the digital euro and the distribution of a central system with a central system, no clear decision has yet been made.
Competition and future steps
Authorities act with the concern that the EU should not be left behind in the field of digital innovation and financial competition after the US steps. Behind the acceleration of the digital euro project, the need to compete with the international level of digital currencies is considered as an important element.
An EU official made the following assessment: “The new regulation of the United States requires Europe to move rapidly in the digital euro.”
Taking an important step with Mica, the EU has taken a serious travel to ensure the security of investor. However, in order to maintain its prevalence of the currency of the Union on a global scale, it must be acted considering 10 years later. Even China has started to discuss the export of stablecoin in public networks (CBDC has a CBDC and an extremely closed country) EU is still undecided.
It is expected that the final decision will be announced in the coming period after the decision of the technological infrastructure of the digital euro will be shaped in EU institutions and examining different options.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
