European Union finance officials are concerned that US President Donald Trump's support for digital assets could affect Europe's monetary sovereignty and financial stability.
Pierre Gramegna, managing director of the European Stability Mechanism (ESM), highlighted this issue during a Eurogroup press conference on March 10.
Gramegna noted that the US Administration's favorable stance toward cryptocurrencies, particularly dollar-denominated stablecoins, raises some concerns in Europe.
He warned that the US turn toward cryptocurrencies "could eventually reignite foreign and US tech giants’ plans to launch mass payment solutions based on dollar-denominated stablecoin."
If successful, this could threaten the eurozone's monetary sovereignty and financial stability, he added.