PANews reported on October 19th, according to Walter Bloomberg, that European Central Bank Executive Board member Piero Cipollone stated that Europe must establish its own digital asset market to maintain financial stability. He supported the use of a digital euro for everyday payments and warned that stablecoins could undermine banks and monetary policy if deposits shifted to foreign tokens. While stablecoins could facilitate cross-border payments, he noted that Europe already provides fast and secure central bank money transfer services.