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Interested in Stablecoins? Take a look at this library!
spring-soapwort-e72.notion.site/Fintech-22158b…
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Stable Currencies
363 posts
@Fiskantes This is regarding @qivaliseu and it will be multichain
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@EconWithNick @ecb ECB says 1.5 billion, the banks say its closer to 15 billion
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Meanwhile, if you ask the @ecb how much money they are spending on the digital euro, they say it's confidential. And we're not talking millions here. We are talking billions of euros spent.
cato.org/blog/ecb-denie…
Fidias Panayiotou@Fidias0
The European Union Wastes Millions Every Month
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There is a reason why I viewed it as positive the digital euro was not even mentioned once in Lagarde’s latest speech 😏
Noelle Acheson@NoelleInMadrid
An op-ed in the @FT today from a former ECB supervisory board member throws shade at the retail digital euro, pointing out that it is hard to make a compelling use case and suggesting that the ECB’s focus is shifting to the wholesale CBDC projects. This could mean further delays to the retail CBDC, pushing a potential launch to even later than the current target of 2029. “If and when an eventual positive decision comes, the digital euro risks being old before being born.”
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@LucaProsperi There are several positives including: 1) this speech coming off the back that 37 EU banks have committed to @qivaliseu 2) for the first time ever I got the feeling they actually get it 3) digital euro not even being mentioned once 4) wholesale CBDC going live in September
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😢
So what are Europe’s objective? Disappearing into irrelevance? If the civil servants are operating on this mandate, maybe the problem is indeed political.
Wazz@WazzCrypto
@ecb @Lagarde You wrote a post detailing all the advantages of Stablecoins (which shows u understand them well), and then decided NOPE we want none of that What you seek is control, and the only port Europe is sailing towards is irrelevancy if bureaucrats like yourself don't leave immediatly
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@Frax Central bank reserves going onchain in September sounds bullish to me
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Stablecoins are inevitable.
While the U.S. is moving ahead with GENIUS (and soon CLARITY) to bring stablecoins onshore, Europe’s leadership is still debating whether stablecoins can even help the euro’s global role.
European Central Bank@ecb
Stablecoins are not an efficient way to strengthen the international role of the euro, says President Christine @Lagarde. The best solution remains deeper capital market integration through the savings and investment union and a stronger safe asset base ecb.europa.eu/press/key/date…
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@wslyvh Central bank reserves on the blockchain sound promising
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Seeing a lot of hate for this... But it would be great to see more innovation and properly decentralized, and non-USD stablecoins
European Central Bank@ecb
Stablecoins are not an efficient way to strengthen the international role of the euro, says President Christine @Lagarde. The best solution remains deeper capital market integration through the savings and investment union and a stronger safe asset base ecb.europa.eu/press/key/date…
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@ClementWalter First time ever I thought they finally get it
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Must read because it first settles clearly what stable coin do and favor, with precise and honest description, and in a second time how despite recognizing all these benefits (and here you can disagree) CL doesn’t think it’s the way forward
You can disagree, but you can’t say ECB is ignorant and dumb
European Central Bank@ecb
Stablecoins are not an efficient way to strengthen the international role of the euro, says President Christine @Lagarde. The best solution remains deeper capital market integration through the savings and investment union and a stronger safe asset base ecb.europa.eu/press/key/date…
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@austincampbell @qivaliseu Stablecoins backed by onchain central bank reserves sound more robust than those backed by short term treasuries?
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@stable_currency @qivaliseu I have. Doubling down on the broken MiCA framework is locking everything into European banks and creating counterparty credit risk, meaning nobody outside the eurozone will use it, so why do you need it? You don’t.
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If I were a saboteur trying to destroy the Euro from within while remaining undetected, I would not be doing anything differently than what the ECB is already doing.
European Central Bank@ecb
Stablecoins are not an efficient way to strengthen the international role of the euro, says President Christine @Lagarde. The best solution remains deeper capital market integration through the savings and investment union and a stronger safe asset base ecb.europa.eu/press/key/date…
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POV: the last thing you see when your CBDC account is frozen because you sent your wife a text:
"it's❄️and I think I need to take💊to feel better"
European Central Bank@ecb
Stablecoins are not an efficient way to strengthen the international role of the euro, says President Christine @Lagarde. The best solution remains deeper capital market integration through the savings and investment union and a stronger safe asset base ecb.europa.eu/press/key/date…
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@ccatalini @Lagarde Considering that EU short-term treasuries dont exist like in the US, onchain central bank reserves sounds genuinely innovative (for a central bank)
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Bullish Minitel: @Lagarde looked at dollar stablecoins and decided what Europe really needs is a publicly-built interoperable settlement network, ready in 2028.
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@zerolore This is the first time ever I actually read an ECB speech and felt bullish
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I still fail to understand how it is possible that someone that managed to get to the top of the ECB lacks fundamental understanding of the effect that fiat-denominated stablecoins bring to said fiat.
Learn from the US, learn from the lesson that USDT taught to the world when propagating dollar hegemony, learn from the hundreds of millions of people that can now have access to a different life thanks to the exposure to USD, and then talk about the topic ffs.
European Central Bank@ecb
Stablecoins are not an efficient way to strengthen the international role of the euro, says President Christine @Lagarde. The best solution remains deeper capital market integration through the savings and investment union and a stronger safe asset base ecb.europa.eu/press/key/date…
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@JeSuisNaga The digital euro was not even mentioned once and putting central bank reserves on the blockchain is genuinely innovative
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Lagarde:
Stablecoins ❌
ECB issued digital euro ✅
Sound familiar? That's because it is.
On Friday, ECB President Christine Lagarde said even euro-denominated stablecoins are "not an efficient way" to boost the euro's global appeal.
She also said the trade-offs outweigh the gains.
It's her most direct pushback yet on the case for a European stablecoin ecosystem.
But it's not the first time she's taken this position.
Full story below👇
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@JeSuisNaga She actually did not mention the digital euro once, only the wholesale CBDC which is genuinely innovative for a central bank
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@lior_eth Europe just got 37 banks signed up to issue a euro stablecoin together this summer
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Europe is running itself to the ground through over regulation, unwillingness to embrace innovation, and a remarkable lack of courage & leadership.
They’re literally running away from money.
European Central Bank@ecb
Stablecoins are not an efficient way to strengthen the international role of the euro, says President Christine @Lagarde. The best solution remains deeper capital market integration through the savings and investment union and a stronger safe asset base ecb.europa.eu/press/key/date…
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@SebVentures Glad she did not even mention the digital euro once
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Once again, framing stablecoins as private liabilities to express it is bad. While forgetting to say that bank deposits are exactly the same (both issuers are private companies and supervised by the central bank).
Funny to use SVB as example of the biggest risk of stablecoins as ... it is showing that banks are the key risk (which MICA forces stablecoins to have outsized exposure for no reasons).
So much energy used to compete against EUR stablecoins to sell their own CBDC, whatever it is. Great use of public funding.
European Central Bank@ecb
Stablecoins are not an efficient way to strengthen the international role of the euro, says President Christine @Lagarde. The best solution remains deeper capital market integration through the savings and investment union and a stronger safe asset base ecb.europa.eu/press/key/date…
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@borjaneira_ I actually read this speech as v bullish for Europe
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99% of the people replying to this haven't even read the speech
I disagree with the ECB (I'll get into why in a sec), but the speech is honestly a masterclass on financial plumbing and the turf war going down right now in the settlement layer
Even though Lagarde kinda has a point - she obviously feels threatened by stablecoin settlement -I think she's totally sleeping on their actual power. The fact that stablecoins are literally "worse money" is exactly what makes them so interesting
What a time to be alive to watch this currency war play out
European Central Bank@ecb
Stablecoins are not an efficient way to strengthen the international role of the euro, says President Christine @Lagarde. The best solution remains deeper capital market integration through the savings and investment union and a stronger safe asset base ecb.europa.eu/press/key/date…
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@randhindi This speech actually reads v bullish for EU
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And yet, the entire developing world is adopting the dollar thanks to USDT. This is the next petrodollar, it's so obvious to anyone who has been on the ground. I have not met a single person outside of europe who wants to keep their money or transact in euro. In fact, even european sartups are now raising in dollars, paying in dollars and invoicing in dollars, only using euros to pay taxes. Wake up europe!
European Central Bank@ecb
Stablecoins are not an efficient way to strengthen the international role of the euro, says President Christine @Lagarde. The best solution remains deeper capital market integration through the savings and investment union and a stronger safe asset base ecb.europa.eu/press/key/date…
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This speech actually reads extremely bullish for Europe considering 37 EU banks have just committed to @qivaliseu
European Central Bank@ecb
Stablecoins are not an efficient way to strengthen the international role of the euro, says President Christine @Lagarde. The best solution remains deeper capital market integration through the savings and investment union and a stronger safe asset base ecb.europa.eu/press/key/date…
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