Societe Generale Chairman Lorenzo Bini Smaghi is advocating for Europe to actively embrace stablecoins, warning against being left behind in the evolving digital financial landscape. In a Financial Times article, the former ECB Executive Board member emphasized that Europe's risk aversion is hindering innovation. Currently, the vast majority (99%) of stablecoins are dollar-backed, leaving the Euro underrepresented. While Europe has established MiCA, a comprehensive crypto framework, many European banks remain wary of stablecoins, viewing them as risky assets lacking investment drivers. Bini Smaghi argues that Europe risks alienation from the digital financial ecosystem if it doesn't overcome its fears and actively participate in the stablecoin market. Embracing stablecoins could foster innovation and strengthen Europe's position in the global financial system. ```