Oh, gather ’round, dear readers, for a tale of digital dollars and European dismay! It seems that our good ol’ US President, Donald Trump, has waved his magic wand (or was it a pen?) and conjured up an executive order that has sent shivers down the spines of our friends across the pond in the European Union. They’re all a-flutter about the US dollar‘s dominance in the stablecoin market! 🤑
Now, let me introduce you to Piero Cipollone, a rather important chap from the European Central Bank (ECB). He stood up at the 13th ILF Conference in Frankfurt, looking quite dapper, and started talking about the digital euro. He claimed it would help Europe keep its financial pants on while the US dollar runs around like a headless chicken! 🐔💸
“Oh dear!” he exclaimed, “The US dollar is hogging 97% of all stablecoins globally!” Can you believe it? That’s like a greedy child at a candy store, gobbling up all the sweets! 🍬
US dollar stablecoins account for 97% of all stablecoins globally
As Cipollone continued his rant, he pointed out that Europe is becoming more reliant on international card schemes, which are settling over 60% of card payments in the EU. It’s like they’re all playing a game of Monopoly, but the US keeps landing on Boardwalk while Europe is stuck in jail! 🎲
And let’s not forget the rise of mobile app payments! From a measly 1% in 2019 to a whopping 9% in 2024! It’s like watching a snail turn into a cheetah! 🐌➡️🐆
But wait, there’s more! Cipollone waved his arms dramatically, saying the dollar’s share in the stablecoin market is a staggering 99%! It’s as if the dollar has taken over the whole playground, and the other currencies are left sitting on the swings, sulking! 😢
At the time of this writing, backed stablecoins are valued at a jaw-dropping $215 billion! That’s a lot of dough, folks! 🍞
With all these worries, Cipollone insisted that Europe needs its very own digital euro to keep the financial wolves at bay and ensure that European banks can still play a vital role in the financial circus! 🎪
Trump pushes dollar sovereignty and further growth through stablecoins
Meanwhile, back in the land of the free, the Trump administration is all about promoting dollar-backed stablecoins. They’ve got their eyes set on dollar sovereignty, like a hawk eyeing its next meal! 🦅
In the executive order titled “Strengthening American leadership in digital financial technology,” they promised to boost the US dollar’s reign, while simultaneously saying “no thank you” to CBDCs in the US. It’s like saying you want to be the king of the castle while kicking everyone else out! 👑
But hold your horses! Some folks in the crypto community are scratching their heads, wondering if this executive order is really just a clever ploy to keep the US dollar on its shiny throne. “Oh, the drama!” they say. 🎭
Attorney David Lesperance chimed in, suggesting that while the order sounds all pro-crypto, it’s really just a way to keep the dollar as the world’s top dog. “If anything threatens the USD, watch out!” he warned, as if he were telling a ghost story around a campfire! 👻
So, dear readers, as we watch this digital dollar drama unfold, let’s keep our popcorn ready and our eyes peeled! Who knows what will happen next in this financial fairytale? 🍿✨
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2025-01-28 16:47