Odaily Planet Daily reported that Lorenzo Bini Smaghi, Chairman of Societe Generale and former member of the Executive Board of the European Central Bank, wrote (Europe needs to shrug off fear and embrace stablecoins), stating that Europe faces the risk of being marginalized in the digital financial ecosystem, as currently 99% of stablecoins globally are issued by the United States and denominated in US dollars, with the euro having almost no presence in emerging fields. Although the EU has introduced the most comprehensive regulatory framework for crypto assets globally, MiCA, which requires stablecoin issuers to hold 30% cash and 70% high-rated sovereign bonds as highly liquid reserves, the cultural risk aversion still hinders innovation, and European banks view stablecoins as a threat and lack the motivation to invest.