The European Central Bank (ECB) raised an alarm over potential fallout from aggressive US support for the crypto industry, warning that a surge in dollar-backed stablecoins could destabilize Europe’s financial system.
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ECB flags risk of financial contagion from US crypto push
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The European Central Bank (ECB), according to Politico, has warned EU commission that President Donald Trump’s administration support for stablecoins through new GENIUS and STABLE acts legislation would trigger US dollar backed stablecoins expansion in EU weakening EU financial independence and exposing it to systemic risks
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