The European Central Bank (ECB) is developing digital euro, with plans to finalize its implementation decision in 2025, as a response to preserve euro's significance against the rise of dollar-backed stablecoins

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European Central Bank — which has rejected the idea of adding Bitcoin to its monetary reserves — has been developing a digital euro since 2021 and will make a final decision on whether to implement it later this year.

In recent years, the European Union has strategically addressed the rise of U.S. dollar-backed stablecoins through its Markets in Crypto-Assets Regulation (MiCA). Simultaneously, the European Central Bank (ECB) has been delving into the development of a digital euro, aiming to preserve the currency’s significance and authority in an increasingly digital world