{"id":11605,"date":"2025-09-30T13:57:14","date_gmt":"2025-09-30T10:57:14","guid":{"rendered":""},"modified":"2025-09-30T13:57:14","modified_gmt":"2025-09-30T10:57:14","slug":"us-eu-central-banks-clash-over-stablecoin-regulation","status":"publish","type":"post","link":"https:\/\/harici.com.tr\/en\/us-eu-central-banks-clash-over-stablecoin-regulation\/","title":{"rendered":"US, EU central banks clash over stablecoin regulation"},"content":{"rendered":"

On Monday, US and European central bankers presented<\/a><\/span> opposing arguments on stablecoins.<\/p>\n

While Federal Reserve Governor Christopher Waller supported private sector cryptocurrencies, Bundesbank President Joachim Nagel warned against supporting \u201cinnovation for innovation\u2019s sake.\u201d<\/p>\n

In two contrasting speeches at a conference in Frankfurt, Waller and Nagel highlighted the growing transatlantic divide among interest-rate setters regarding digital tokens, which track the value of fiat currencies and are a cornerstone of crypto trading.<\/p>\n

These remarks come amid a push from the administration of US President Donald Trump for the widespread adoption of mostly dollar-backed stablecoins from private sector issuers.<\/p>\n

This initiative has alarmed European officials, who are intensifying their efforts to create a digital euro backed by the European Central Bank (ECB).<\/p>\n

\u201cIf stablecoins offer a lower-cost alternative for consumers and businesses, I am all for it,\u201d Waller said at the Sibos banking and finance conference in Frankfurt.<\/p>\n

He also criticized the ECB\u2019s plan to launch a central bank digital currency, arguing that the private sector is in a much better position to innovate.<\/p>\n

\u201cYou don’t want the government deciding which technologies get used,\u201d Waller said. Waller also emphasized the international role of stablecoins, saying they are \u201can attractive option in countries where access to dollar banking services is expensive or limited.\u201d<\/p>\n

These comments could fuel concerns among European policymakers that dollar-backed stablecoins could diminish the global role of the euro and even weaken monetary policy in the Eurozone.<\/p>\n

A few hours earlier, Bundesbank President Nagel, one of the most influential policymakers on the ECB’s governing council, took a completely different stance.<\/p>\n

In his opening speech at Sibos, Nagel focused on the \u201cpreviously unknown risks\u201d posed by stablecoins and warned, \u201cMany things can go wrong. We cannot support innovation just for the sake of innovation.\u201d<\/p>\n

The ECB has repeatedly warned that it could lose control over its monetary policy if dollar-denominated stablecoins become widely used in the Eurozone.<\/p>\n

\u201cAs central banks, we will not accept any development that would weaken our ability to effectively implement monetary policy,\u201d Nagel said, adding that \u201cthe stabilizing role of central bank money must not be undermined.\u201d<\/p>\n

Waller dismissed these concerns, arguing that stablecoins are just another form of private sector money that has long coexisted with central bank money like cash.<\/p>\n

\u201cStablecoins are a new form of private money and will continue to coexist with other payment instruments,\u201d Waller said, arguing that the growing demand for stablecoins reflects \u201cthe need for further improvements in payments in the market\u201d by consumers and businesses.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

On Monday, US and European central bankers presented opposing arguments on stablecoins. While Federal Reserve Governor Christopher Waller supported private sector cryptocurrencies, Bundesbank President Joachim Nagel warned against supporting \u201cinnovation for innovation\u2019s sake.\u201d In two contrasting speeches at a conference in Frankfurt, Waller and Nagel highlighted the growing transatlantic divide among interest-rate setters regarding digital […]<\/p>\n","protected":false},"author":1,"featured_media":11606,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[175],"tags":[6782,12382,12381,13428,4559,3244,1856,610,5102,5856,13429,5348,4050,10439,821],"class_list":["post-11605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-diplomacy","tag-bundesbank","tag-cbdc","tag-central-bank-digital-currency","tag-christopher-waller","tag-cryptocurrency","tag-digital-euro","tag-ecb","tag-eu","tag-european-central-bank","tag-federal-reserve","tag-financial-regulation","tag-joachim-nagel","tag-monetary-policy","tag-stablecoins","tag-us"],"yoast_head":"\nUS, EU central banks clash over stablecoin regulation - 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