The ECB warns that stablecoins will drain Europe's bank deposits. The entire euro-stablecoin float is 0.007% of the deposit base, and MiCA has already made it deposit-neutral by design. The instrument that could actually move a trillion euros is the ECB's own digital euro, and the ECB sets its dial.
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The Deposit Drain That Isn't: MiCA, Stablecoins, and the Lever the ECB Keeps for Itself
The ECB warns that stablecoins will drain Europe's bank deposits. The entire euro-stablecoin float is 0.007% of the deposit base, and MiCA has already made it deposit-neutral by design. The instrument that could actually move a trillion euros is the ECB's own digital euro, and the ECB sets its dial.