Stablecoins restructures the global financial panorama and illuminates the European Central Bank (ECB) alarms.
ECB president Christine Lagarde warned of that These cryptocurrencies could erode central banks’ ability to control monetary policyan important pillar of the fíat system.
Stablecoins acquired as digital assets linked to Fíat coins such as the dollar and euro, attracting investors for their stability in a volatile world of cryptocurrency.
Total capital in June reached a record of $228 million in 2025, up 17% (33,000 million) compared to the previous year. The USDT issued by Tether led by $155,000 million, with Circle’s USDC increasing from 39% to 610 million.
This growth reflects its role in the crypto-active market, encouraging rapid and stable trading in exchanges. But that expansion, according to Lagarde, poses challenges for regulatorsbecause these coins are issued by private companies such as circles and tethers, not central banks.
Lagarde warning
Lagarde expressed concern: “I think (stubcoin) will undermine our ability to manage monetary policy.” The Eurozone inflation rate averaged 2.23% from 1991 to 2025, with a maximum of 10% in October 2022 and a minimum of -0.60% in July 2009, with the ECB protecting this balance.
In June 2025, annual inflation reached 2.0%, slightly above 1.9% in May, close to the 2% target in the medium term. Lagarde warned of the possibility of “privatization of money,” a scenario that he considers to be incompatible with the role of the ECB.
Officials said Using a large amount of stubcoin can reduce the amount of deposits in traditional bankslimits the ECB’s ability to influence the economy through monetary policy. “Stable coins should not be treated as money, but they drive payment instruments or infrastructure, which drive payment instruments or infrastructure.”
The US bets on regulations
Europe is dealing with this phenomenon carefully, but the US drives stubcoins, Support them as a tool to strengthen international dollar hegemony.
Under the Trump administration, the country is promoting regulations to promote its use, particularly coins such as USDT and USDC.
In June 2025, the Senate approved the Genius Act, which seeks to establish a clear regulatory framework. The initiative pending rating in the House of Representatives from July 14th to 18th reflects its commitment to integrating these currencies into the financial system.
Fear of European sovereignty
Pierre Gramegna, general director of the European Stability Mechanism (MEDE), warned that the US could encourage large technology companies to launch Stablecoin-based payment solutions.
“If they succeed, they will have an impact on Europe’s financial sovereignty and economic stability,” he said. To combat this threat, Gramegna urged the ECB to accelerate the launch of the digital euroCentral Bank Digital Currency (CBDC) in development since 2020.
Furthermore, the MICA Act, the European regulatory framework to protect consumers and ensure financial stability, Europe imposed restrictions on stable territorial storage service dollars, which are used through personal wallets.
In short, the growth of stubcoin raises a regulatory dilemma. If their mass adoption replaces traditional money, central banks could lose their economic impact.
As Stablcoins acquires position, debates about their regulations and their impact on the global economy intensifies. The US is committed to innovation, while Europe is trying to protect its financial sovereignty with the digital euro.
