ECB's Schnabel warns stablecoins threaten monetary sovereignty, pushes digital euro as anchor

A member of the European Central Bank’s Executive Board, Isabel Schnabel, recently argued that stablecoins threaten financial stability and monetary sovereignty.  Schnabel echoed the central opinion of the European Central Bank, arguing that central bank digital currencies (CBDCs) are the proper foundation for Europe’s monetary system. Why are stablecoins considered to be so risky?  During...