How Stablecoin Growth Threatens Europe’s Control Over Money

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ECB adviser Jürgen Schaaf warns that widespread use of dollar-pegged stablecoins in Europe could erode the central bank’s ability to steer monetary conditions.
If consumers and businesses start settling payments or storing value in stablecoins, Europe could drift toward a soft dollarisation, losing influence over borrowing costs and strategic autonomy.
Meanwhile, America’s position would strengthen, as demand for dollar-based stablecoins lowers the cost of US debt and expands its geopolitical reach.
Schaaf highlights risks ranging from financial stability to AML/CFT compliance—calling them “obvious” and impossible to ignore.

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Decentralized money challenges traditional economic control.