Euro stablecoins ‘necessary to prevent digital dollarization,’ Qivalis CEO says
The comments from the European banking consortium behind a planned euro stablecoin come after ECB president Christine Lagarde questioned the value of euro-denominated stablecoins for the eurozone.
Europe’s escalating debate over euro-denominated stablecoins is increasingly turning into a fight over how — or whether — the eurozone can defend itself against creeping digital dollarisation.
Responding to European Central Bank president Christine Lagarde’s warning last week that euro stablecoins could ultimately make the Eurosystem more vulnerable to financial instability and weaken monetary sovereignty, Jan-Oliver Sell, the CEO of Qivalis, challenged the notion directly.
“At Qivalis, we view a strong euro-stablecoin as an essential component of a modern monetary stack, providing the native on-chain infrastructure required for 24/7 smart contracts and instant atomic settlement,” Sell told The Peg in emailed comments.
“Much like the emergence of Money Market Funds in the 1970s provided new utility for investors, regulated stablecoins can now fill a critical gap by enabling businesses to operate efficiently within the blockchain ecosystem.”
