The popularity of stabilcoins is constantly increasing, with new coins that appear on the market, and the American Stabilcoin Act (Genius Act) will certainly give the sector a new impulse. Of course this does not like the European Central Bank (ECB), one of its consultants, Jürgen Schaaf Placed more On July 28, a widespread use of stables in the US Dollar in the European Union (EU) could weaken control of ECB monetary conditions. According to Schaaf, the effect is the same as the impact of the US dollar in itself developing economies. And if users go even more to USD-based stabilcoins because of security, comfort and extra returns, then European decision makers will find it increasingly difficult to stop interest rates and regulate money.
It will not be easy to overthrow the dominance of USDT and USDC
The biggest stable coins are Tether USDT and Circle USDC, together with more than 80%of the total stable market capitalization, which has risen to $ 270 billion since the adoption of Genius Act. According to the analysis of Standard Chartered Bank, the Stabilcoin market can be $ 2 trillion by the end of 2028, which is almost $ 800 trillion.
Schaaf also touched the American law, which he called the milder version of EU Mica Regulation. He sees that if Euro alternatives are not created with USD-based stabilcoins, coins spent on an US dollar, can concretize their dominance in Europe. From there, US economic and strategic dominance can further increase, plus the costs of financing the American debts. In contrast to the American approach, however, the ECB and its consultant are still on the dream of the European digital euro. This would be a digital currency that the ECB would broadcast. According to Schaaf, this would be a line of defense of European monetary sovereignty. And what it did not add is that it would ensure that the total control would be made.
A central digital banks digital currency (CBDC) would allow the bank exactly what it would do, and the ECB could even see when, how long and what their money had to spend. In addition to Europeans, others are concerned about the dominance of stables in the US dollar. China has repeatedly been the need for a stabilcoin expressed in Yuan, most recently the president of Animoca Group, Evan Ayuang. The dominance of USDT and USDC will not be easy to break in Europe. The US dollar itself dominates the global trade and crypto world, which would also benefit stabilcoinsK. Most crypto platforms work and are taken into account USD, and the European banking system is very fragmented and some states that oppose the unit only makes uniform action difficult. With regulations and with the support of large European companies and banks, Euro-based stabilcoins can, however, increase their market share somewhat compared to the current 1.5%.
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