EU Considers Ethereum, Solana for Digital Euro Platform

The European Union is accelerating its development of a digital euro, prompted by the United States' enactment of the Genius Act, which establishes comprehensive regulations for dollar-backed stablecoins. The European Central Bank (ECB) is now seriously considering launching the digital euro on public blockchain networks such as Ethereum and Solana, marking a shift from its original plan to use a private, centrally controlled system. This move aims to preserve the euro's competitiveness and relevance in the global digital currency landscape, where non-European platforms currently dominate a significant share of eurozone transactions. Supporters argue that a public blockchain could enhance interoperability, facilitate wider circulation, and integrate with decentralized finance applications, while critics express concerns about privacy and state influence on blockchain governance. The ECB is currently in a preparatory phase until 2025, conducting research and testing, with no final decisions yet made regarding architecture or privacy safeguards. This initiative reflects the EU's intent to maintain the euro's role amid growing global CBDC competition and evolving digital payment trends.