Stablecoin growth will erode bank deposits, says ECB’s Cipollone
CoinTelegraph·
60-second summary
ECB's Piero Cipollone warns that stablecoin adoption will erode bank deposits, potentially shifting funds to decentralized platforms. He estimates this shift could be significant, with stablecoins already holding over $160 billion in reserves. However, Cipollone believes the digital euro will maintain a central role for banks in payments, mitigating the impact.
ECB’s Piero Cipollone said stablecoin adoption could erode bank deposits, but the digital euro will keep banks at the center of payments.