A top Commerzbank banker told senior European Central Bank officials at an industry briefing late last year that euro-denominated stablecoins are unlikely to scale without ECB intervention.
Hinrich Paul, the bank’s global head of financial markets, said in a briefing to the ECB’s Foreign Exchange Contact Group that the growing dominance of dollar-pegged stablecoins might otherwise drain deposits from lenders in many jurisdictions, eroding monetary autonomy.
