EU considers digital euro on Ethereum or Solana

According to the Financial Times, the European Union is considering issuing its planned digital euro on public blockchains such as Ethereum or Solana, rather than private ones. A digital euro on a public chain could greatly increase accessibility and integration in DeFi applications, but data protection concerns remain.
The background to this is the rapid progress being made by the US: With the GENIUS Act, Washington has passed a comprehensive stablecoin law that is massively driving the market forward. EU officials warn that without a digital euro of its own, the US dollar could further expand its dominance in the stablecoin sector, while euro stablecoins have so far only played a niche role.
The European Central Bank (ECB), under the leadership of Christine Lagarde, plans to introduce the digital euro as early as October. Since October 2021, the European Central Bank has been working on the development of a central bank digital currency (CBDC). It is a prestige project intended to significantly increase the efficiency of payments. The CBDC project is expected to cost up to one billion euros.
More and more financial and tech giants are also entering the stablecoin market: PayPal with PYUSD, Robinhood with a planned USD token, Bank of America with an internal settlement currency, and JPMorgan with the internationally expanding JPM Coin. Stablecoins are thus developing into a strategic tool in global payments.

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