⚡️🇪🇺 NEWS - ECB Chief Economist Philip Lane believes that the digital euro is necessary to counter US dollar-indexed stablecoins.

"The availability of the digital euro would limit the likelihood of foreign currency stablecoins gaining a foothold as a medium of exchange in the eurozone."

He pointed out that 99% of the stablecoin market is made up of tokens indexed to the US dollar.

"The digital euro would provide a secure and universally accepted digital payment option under European governance, reducing dependence on foreign suppliers."

The prevalence of electronic payments using Apple Pay, Google Pay and PayPal "exposes Europe to risks of economic pressure and coercion".

"The digital euro offers a unique opportunity to overcome the persistent fragmentation of retail payment systems in the eurozone."