The European Central Bank (ECB) has warned that Donald Trump's pro-crypto stance may endanger eurozone financial stability due to the rise of US dollar-backed stablecoins. In a leaked paper, the ECB criticized the EU’s MiCA law as too lenient. It fears that US policies could push stablecoins to $2 trillion by 2028, triggering a shift from euros to dollars. The European Commission rejected the concerns, saying MiCA already has strong safeguards. Both sides agree on the geopolitical risk of dollar internationalization via crypto, exposing EU banks to foreign debt and threatening Europe’s monetary independence.