EU vs. Crypto: ECB Warns Stablecoins Could Drain Deposits Despite Europe’s MiCA
ECB Executive Board member Piero Cipollone warned that stablecoin adoption could drain retail deposits from commercial banks, depriving them of cheap funding. The EU's MiCA regulation provides a legal framework but does not promote stablecoin use, while dollar-backed stablecoins like USDT and USDC dominate due to network effects.
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