ECB Official Warns Stablecoins Could Drain Bank Deposits; Names 36 Providers for Digital Euro Pilot

According to ECB board member Cipollone on Friday, July 11, stablecoin growth poses a risk to European bank retail deposits, adding to losses already incurred from mobile payment platforms. Cipollone noted that two-thirds of card payments in the euro area route through non-European schemes, and 13 of 21 eurozone countries lack national card schemes. He framed the digital euro as a structural solution to preserve bank deposits and payment data.

The ECB named 36 payment service providers—including Deutsche Bank, UniCredit, and Revolut—for a digital euro pilot starting in the second half of 2027, days after the European Parliament voted 416 to 169 to begin formal legislative negotiations on the initiative.