EU officials: Trump's support for cryptocurrencies may undermine Europe's monetary sovereignty

ChainCatcher news, according to The Block, European Stability Mechanism (ESM) President Pierre Gramegna stated at a press conference following the Eurogroup meeting on Monday that the support for cryptocurrencies by the U.S. government under President Trump could undermine Europe's monetary sovereignty.

Gramegna said: "The U.S. government's supportive stance on cryptocurrencies, especially dollar-denominated stablecoins, may raise certain concerns in Europe. U.S. support could ultimately lead to American and foreign tech giants launching popular payment solutions based on dollar stablecoins—its success could undermine Europe's monetary sovereignty and financial stability. The ESM supports the European Central Bank's efforts to realize a digital euro to maintain Europe's strategic autonomy. Today, digitizing Europe is more necessary than ever."

It is reported that the ESM is an intergovernmental institution that provides financial assistance to member countries facing financial crises, aiming to maintain the long-term financial stability of the eurozone.