PANews reported on February 17 that Bundesbank President Joachim Nagel stated that a stablecoin pegged to the euro would provide Europe with greater independence, freeing it from the dollar-pegged stablecoins that are set to be approved under the GENIUS Act.

Nagel supports the launch of a central bank digital currency pegged to the euro, as well as a euro-denominated payment stablecoin. In his opening remarks at the U.S. Chamber of Commerce's New Year reception in Frankfurt on Monday, he stated that EU officials are working to push forward the launch of a retail central bank digital currency. He believes that a euro-denominated stablecoin would also help "make Europe more independent in terms of payment systems and solutions."

The Bundesbank president's comments on stablecoins did not mention the risks he raised at the Euro50 conference last week. Nagel had previously warned that if dollar-denominated stablecoins significantly outsell euro-pegged stablecoins, domestic monetary policy "could be severely damaged, not to mention the potential undermining of European sovereignty."