ECB’s Lagarde Pushes Back on Euro Stablecoins, Warns of ‘Structural Weaknesses’
Key takeaways
- Speaking at the Banco de España Lat Am Economic Forum in Roda de Bará, Spain, Lagarde acknowledged that the global stablecoin market, now worth over $317 billion and nearly 98% denominated in U.S.
- Congress, is touted by the Trump administration as a tool to ensure "the continued global dominance of the U.S. dollar" and to cement demand for US Treasuries, Lagarde noted in her remarks.
- "It is no longer about whether stablecoins should exist, but whether jurisdictions can afford to be without them."
ECB’s Lagarde Pushes Back on Euro Stablecoins, Warns of ‘Structural Weaknesses’ Vismaya V Fri, May 8, 2026 at 10:36 PM GMT+7 4 min read EUR=X ECB President Christine Lagarde pushed back Friday on calls for euro stablecoins, saying the instrument is "not an efficient way" to strengthen the euro s international role—and that Europe should stop trying to copy the U.S. playbook.
Speaking at the Banco de España Lat Am Economic Forum in Roda de Bará, Spain, Lagarde acknowledged that the global stablecoin market, now worth over $317 billion and nearly 98% denominated in U.S. dollars, has forced a policy reckoning across advanced economies.
The GENIUS Act, advancing through the U.S. Congress, is touted by the Trump administration as a tool to ensure "the continued global dominance of the U.S. dollar" and to cement demand for US Treasuries, Lagarde noted in her remarks.