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he European Union is exploring the idea of launching a digital Euro on a public blockchain, with Ethereum and Solana emerging as the leading options under discussion.
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According to reporting from the Financial Times, unnamed sources say EU policymakers are now looking more closely at Ethereum and Solana as potential homes for the digital Euro. Transparency concerns remain a sticking point, but the appetite for using public infrastructure has grown in recent months.
Officials had previously envisioned the currency running on a private, closed network, but the U.S. regulatory push for dollar-based stablecoins has pushed Europe to rethink. In April, ECB executive board member Piero Cipollone warned that American leadership in stablecoins “raise[s] concerns for Europe’s financial stability and strategic autonomy.”
The U.S. regulatory environment has already led to significant inflows into dollar-backed stablecoins, giving them a global head start. EU leaders fear falling behind could weaken both the Euro’s role in global finance and the region’s long-term digital competitiveness.
By opening the door to Ethereum or Solana, the EU would not only match U.S. efforts but also give institutions and retail users more confidence through familiar, widely used blockchain ecosystems.
Right now, the most widely used Euro-pegged stablecoin is Euro Coin (EURC), issued by Circle, which also manages USDC. EURC currently has a market cap of around $225 million, a fraction of dollar-pegged stablecoins but a sign of growing demand.
An official ECB-backed digital Euro could instantly dwarf private competitors, offering scale and regulatory legitimacy. Still, questions remain on privacy, transaction monitoring, and how much control regulators will want over day-to-day use.
The ECB told the FT that no final decision has been made and both centralized and decentralized solutions remain on the table.