Daniel Stelter: Die EZB verschläft den digitalen Dollar-Angriff

In the informal meeting of EU finance ministers and central bank governors in May 2026 in Nicosia, Cyprus, economists Lucrezia Reichlin and Jeromin Zettelmeyer from the Brussels thinktank Bruegel proposed a reform of European stablecoin regulation. The reaction of the ECB was clearly negative, with Reuters titling the story "ECB rejects proposals to promote Euro-Stablecoins as too risky."

It is suspected that ECB President Christine Lagarde personally rejected the proposal in Nicosia. However, it is doubtful if this was the right response to the question of digital power in the monetary system. The US has a different strategy. The 2025 passed Genius Act actively promotes dollar stablecoins. US Treasury Secretary Scott Bessent makes it clear what the aim is: "We will ensure that the US dollar remains the dominant reserve currency of the world, and we will achieve this through stablecoins."

Stablecoins are not a crypto-craziness for Washington, but a tool for maintaining monetary power and an additional buyer of US Treasury bonds. A look at the record US debts and the continuously increasing need for refinancing makes it clear what is at stake for the US.