Société Générale Chairman Calls for Europe to Overcome Fear and Embrace Stablecoins

Lorenzo Bini Smaghi, Chairman of Société Générale and former member of the Executive Board of the European Central Bank, wrote in the Financial Times that Europe is facing the risk of marginalization in the field of stablecoins and digital finance. Currently, nearly 99% of global stablecoins are issued by the United States and denominated in USD, with the euro having almost no presence. Although the EU has introduced regulatory frameworks such as MiCA, a risk-averse culture and resistance from the banking system are hindering innovation. He called on the European Central Bank to show leadership and promote the development of a euro stablecoin to safeguard monetary sovereignty and avoid future marginalization by the global financial system.