4w ago

European banks to launch euro stablecoin in bid to counter US dominance

www.reuters.com

reuters.com

31 comments

It's not that dumb. There's a market for this, if you want it or not.
And if you're going to use crypto, it's better they use a currency that's not tied to the currency of an unstable country.
Also, the EU is looking to make a digital Euro anyway, which will not be a crypto coin as you know it, but a way to take power away from VISA and Mastercard, which will save European countries for billions each year.
- The digital euro is where it's at! I can't wait to give billions of dollars worth of middle fingers to American credit card companies.
  
  Well, I was against the idea, but now you got me thininiking.
can they launch it into the sun?
Why? Is so dumb.
- The market can stay irrational with various crypto currencies longer than you can stay solvent, so you fight irrationality with your own brand of irrationality.
  
  This is even dumber when you consider we're ~2 years away from the launch of the Digital Euro. As easy and fast to transfer as a cryptocoin with none of the drawbacks. No Blockchain nonsense, backed by banks, transactions can be cancelled and refunded just like any digital transaction, and standardized to all EU banks.
What is the use case of stable coins? Fast international money transfer? Or are there other I'm not aware of
- money laundering
  
  Hey, don't forget legalized forgery.
- "Fast" international money transfer without value fluctuations. AFAIK, it's used to send money back overseas without fees and for online casinos. Most stablecoins are based on the USD, which has been dropping due to the actions of a certain person. It seems like a reasonable decision to create an "official" euro stablecoin. The EU has been pushing for an EU payment processor to avoid reliance on US based / connected payment countries, this seems like it might be related to that.
- Money transfers, online payments for whatever, place to park your assets in volatile times in the market, integration into other on-chain investment systems, etc...
- For countries where the currency is unstable, stable currency is a way to protect one's savings.
  Where I'm from, historically you'd save in USD. But in the last few years, the market has imposed dumb obstacles, like the paper notes being completely unblemished (something that isn't even a thing in the US, as far as I'm aware). That's where stablecoins have been useful for the locals.
  Edit: This is an explanation, not an endorsement of crypto.

31 comments