🔍 Context and Issues

Christine Lagarde, President of the ECB, sounds the alarm: the massive adoption of stablecoins – these cryptos backed by fiat currencies like USDT or USDC – threatens monetary sovereignty. She believes that these instruments undermine the ability of central banks to steer the economy and maintain financial stability.

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⚖️ The Dilemma Between Public and Private


Lagarde asserts that "money is a public good," and that stablecoins, issued by private actors, create a harmful confusion between money, means of payment, and infrastructure, complicating the exercise of monetary control.

Andrew Bailey, Governor of the Bank of England, supports this view by emphasizing that if stablecoins fulfill a monetary function, they must offer the same guarantees: stability and full reserve coverage.

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🌍 The Time for Hesitation is Over

• United States: the "GENIUS Act" bill regulates stablecoins.

• Europe: the deployment of the digital euro is slower than expected, leaving room for the private sector.

• South Korea: faced with capital outflows, it is considering easing its regulation on these assets.


📈 Key Revealing Figures


In 2024, approximately 160 billion USD of stablecoins were in circulation, of which more than 65% were for USDT.

More than 80 central banks are working on their digital currencies.

In the United States and Europe, regulatory pressure is intensifying, notably thanks to the statements of figures like Powell.



🧩 Conclusion – Towards a Geopolitical and Semantic Battle


The real issue is not simply regulation or technology, but the struggle to define who holds control of the global monetary system: public institutions or private companies. Lagarde calls for clarification on the concepts of money and means of payment, so as not to cede ground to private infrastructures without safeguards.



👉 In summary: behind the ECB's alert lies a strategic battle – budgetary, political, ideological – for control of money. And the question now is: are we going to let stablecoins reshape the future of our economies?


source: Cointribune.com