ECB Managing Director Nagel: Euro stablecoin can be used for low-cost cross-border payments

ECB Managing Director Nagel stated that stablecoins denominated in euros can provide low-cost cross-border payment convenience for individuals and businesses, and complement the ECB's efforts to promote digital euros. He pointed out in a speech to the German branch of the American Chamber of Commerce on Monday that Europe needs to be more independent in its payment system, while emphasizing the European Central Bank's efforts to create a digital euro. There are ongoing concerns in the market that stablecoins supported by the US dollar may pose a threat to European banks and currency sovereignty. Nagel's remarks indicate that the European Central Bank's attitude towards the euro pegged stablecoin is becoming more open.