PANews July 4 news, according to the UK (Financial Times), Lorenzo Bini Smaghi, Chairman of Societe Generale and former member of the Executive Board of the European Central Bank, wrote (Europe needs to overcome fear and embrace stablecoins), stating that Europe faces the risk of being marginalized in the digital financial ecosystem, as currently 99% of global stablecoins 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 launched the most comprehensive regulatory framework for crypto assets globally, MiCA, which requires stablecoin issuers to hold 30% cash + 70% highly rated sovereign bonds as high liquidity reserves, the cultural level risk aversion still hinders innovation, and European banks view stablecoins as a threat and lack incentive to invest.
The author points out three major cognitive misconceptions: underestimating the strategic value of tokenization technology; mistakenly believing that one can isolate from the influence of global stablecoins; and failing to recognize the negative threat to monetary sovereignty. The article emphasizes that the European Central Bank has institutional advantages in leading stablecoin regulation, and the current moment is a critical time to reverse the impression of 'over-regulation.' If hesitation continues, Europe will lose its voice in the future landscape of global finance.