Ethereum and Solana planned to deploy the Digital Euro
Given the adoption by the United States of a legislation favourable to stablesThe European Union is accelerating the deployment of its Digital euro. The European Central Bank (ECB) would now consider using a public blockchain as a Ethereum or Solana, combining transparency and interoperability, while facing challenges of sovereignty, security and confidentiality.
FACTS
The ECB plans for the first time, according to the Financial Times, to deploy the digital euro on a public blockchain such as Ethereum or Solana, while central banks have so far favoured private infrastructure. These advances nevertheless remain at the stage of technical experimentation mentioned in the framework of research, not a real deployment project for the final version of the product.
This initiative would be motivated by testing interoperability and certain cases of use. The digital euro must guarantee European monetary sovereignty, avoid the domination of the digital dollar and reduce costs while increasing transparency.
Discussions would include transaction security, user confidentiality and international cooperation in the face of US and Chinese competition over digital currencies.
The ECB has not yet officially communicated on the subject. The deployment of the digital euro on public blockchains would remain a project under consideration. The deployment of MNBC on private/permitted blockchains remains the most serious option to date for the digital euro.
ISSUES
Ensuring monetary sovereignty: The recent adoption of the US GENIUS Act on Stables has led to an electroshock in Europe, accelerating the digital euro calendar, originally planned for 2029, around 2027. The challenge today is for the European continent to avoid the euro losing its international role in the face of the rise of American stables.
Promoting interoperability and global adoption: The use of public blockchains could promote acceptance and international compatibility of the digital euro. But the ECB's ambition is focused on security and confidentiality issues. The aim is to strike a balance between transparency of transactions, protection of citizens, confidence in the currency and monetary sovereignty.
PERSPECTIVE
Europe accelerates the digital euro so as not to suffer the domination of American stables, inspired by favourable regulations such as those of the Wyoming to stimulate local innovation. The ECB is taking a step forward on this subject ; it published in particular its third progress report on the progress of its draftDigital euro late July. It then specified the Offline operation of the digital euro.
Internationally, the digital currency projects of central banks are also continuing their deployment. The Bank of France and ECB, the EDF American, Brazilian central bank, the Bank of England, the Royal Bank of India, the Chinese Central Bankthe Hong Kong Monetary Authority (HKMA), are international actors working on the deployment of MNBCs.
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