Stablecoins — digital currencies designed to maintain a stable value — may lead to significant withdrawals from retail bank deposits in the eurozone, according to the European Central Bank’s latest financial stability review. Any broadening of these trends could have far-reaching consequences for global financial markets, the ECB warns in the report cited by Reuters and Agerpres.
Typically pegged to the US dollar, stablecoins have surged in popularity, gaining further momentum after President Donald Trump signed legislation in July establishing a regulatory framework intended to reinforce the dollar’s status as a global reserve currency.
Read full article here: turnovernews.com
Read also: European Banks Launch Their Own Euro-Denominated Stablecoin
Photo: Crypto Slate
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