Haciyev Reşit 
The European Union is considering launching the digital euro on public blockchains such as Ethereum and Solana. According to the Financial Times, the European Central Bank (ECB), which previously focused on closed and private systems, is now exploring transparent blockchains that offer global accessibility.
Privacy Concerns and Strategic Opportunities
Officials acknowledge that full transaction transparency on public blockchains poses privacy risks. However, advocates argue that operating the digital euro on an open chain could accelerate adoption, enhance cross-border payment efficiency, and strengthen the euro’s global role.
A Response to U.S. Stablecoin Dominance
Following comprehensive U.S. regulations over the $277 billion stablecoin market, European policymakers are concerned about falling behind in digital payments. ECB board member Piero Cipollone warned that the growth of dollar-backed tokens could shift euro deposits abroad, threatening Europe’s financial stability.
Parallel Moves in China
Similar to Europe, China is taking steps to counter the global dominance of dollar-backed stablecoins. Beijing aims to promote the international use of yuan-backed stablecoins and balance the U.S. dollar’s global influence.
Unlike private euro stablecoins, the digital euro would carry direct ECB backing, offering a trusted public option. While the ECB’s final design is not yet confirmed, public blockchains like Ethereum and Solana could play a critical role in Europe’s digital currency strategy
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