Financial Times: EU Digital Euro Considers Using Public Chains Such as Ethereum and Solana to Run, Turning to Open and Transparent Ledgers

(Financial Times) reported, citing sources familiar with the matter, that the European Union is actively exploring major public blockchain networks such as Ethereum and Solana as the technological foundation for running the digital euro, rather than the private blockchain model adopted by China's central bank digital currency (CBDC). (Previous Report: EU MiCA Approves 10 Institutions to Issue Stablecoins, but Tether's Absence May Lead to Full Delisting of USDT) (Background Supplement: Ripple Lands in the EU, Luxembourg Becomes a New Focus for Crypto Giants to Land MiCA) According to (Financial Times) citing sources familiar with the matter, the European Union is actively exploring major public blockchain networks such as Ethereum and Solana as the technological foundation for running the digital euro, rather than the private blockchain model adopted by China's central bank digital currency (CBDC). This move shows that the EU is more inclined towards an open and transparent technological framework in the development of digital currencies. What is the difference between public and private chains? Public blockchains such as Ethereum or Solana are characterized by data being open to everyone, rather than limited to authorized entities, providing greater transparency and decentralization. The early design of the digital euro continued the traditional central bank model, using central servers or private blockchains to ensure that the issuance and settlement of the digital euro is fully controllable. After switching to public blockchains, any transaction will be publicly written into a shared ledger, and any participant can verify it. Consumers and merchants can also interact directly through wallets. The advantage of this is that the open architecture helps reduce development and operating costs, and can be seamlessly integrated with decentralized applications, which helps improve the usability of the euro in the Web3 ecosystem. The report pointed out that a person involved in the digital euro program discussions revealed that public chains have become 'an option that EU officials are now considering more seriously.' Another person familiar with the matter further pointed out that if the digital euro adopts a private blockchain model, it will be 'more like the model being promoted by the Chinese central bank, rather than the approach of US private companies.' Resisting the Expansion of Dollar Stablecoins At the same time, another major reason for Europe to make this consideration is that Europe has expressed concerns about the rapid expansion of US stablecoins and their potential impact on European financial autonomy. Especially against the background of the Trump administration actively promoting dollar-linked stablecoins, these stablecoins currently account for 98% of the global stablecoin market share. To this end, Piero Cipollone, a member of the Executive Board of the European Central Bank, publicly called for the launch of a digital euro as early as April this year to reduce Europe's dependence on US stablecoins, which can reduce its potential risks to the European financial system. However, it is worth noting that the European Central Bank has not officially confirmed whether it is indeed considering using public chains such as Ethereum or Solana to run the digital euro. If this news finally comes true, it will mark a major progress in the digital euro program. The application of public blockchains may not only change the technical architecture of the EU digital currency, but also have a profound impact on the development model of central bank digital currencies worldwide. Related reports USD1 will be listed on Coinbase, will the stablecoin issued by the Trump family WLFI change the market? Bankers want to rewrite the stablecoin law, crypto lobbying groups protested: suppressing innovation to weaken competition Reuters: China is considering opening up 'RMB Stablecoin'! The State Council may approve it this month"Financial Times: EU Digital Euro Considers Using Public Chains Such as Ethereum and Solana to Run, Turning to Open and Transparent Ledgers" This article was first published on BlockTempo (Dynamic Zone-The Most Influential Blockchain News Media).