Observatoire des droits humains (anglais seulement)

The euro ‘stablecoin’: how this new crypto venture could threaten the eurozone’s already fragile economy

(Version anglaise seulement)

par Sergi Basco, Profesor Agregado de Economia, Universitat de Barcelona

On 25 September 2025, it was announced that 9 european banks, including UniCredit, ING and CaixaBank, have launched a consortium to issue a euro stablecoin – a cryptocurrency with a value pegged to the euro.

While stablecoins are less volatile than regular cryptocurrencies like bitcoin, they are not, despite their name, inherently stable. Allowing banks to create their own could further destabilise the eurozone’s already turbulent economy, and will amplify…

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