ECB Warns Stablecoins May Drain Bank Deposits—Here’s What That Means
In brief ECB board member Cipollone warned Friday that stablecoin growth could strip European banks of retail deposits, on top of the fees and transaction data they’re already losing to mobile payment platforms. Two-thirds of card payments in the euro area route through non-European schemes, and 13 of 21 eurozone countries have no national card…