The rise in stablecoin usage could lead to a decline in retail deposits at banks, warned ECB Executive Board member Piero Cipollone during the annual Federcasse meeting.
— European Central Bank (@ecb) July 17, 2026
According to him, banks are already facing losses in fees and payment data due to the proliferation of mobile services.
"If the use of stablecoins increases in the future, banks will also lose retail deposits," he stated.
In this context, Cipollone described Central Bank Digital Currencies (CBDCs) as a means to maintain the role of public money in digital payments and keep banks within the payment ecosystem. He emphasized that the project should also provide the EU with infrastructure under its own control: currently, two-thirds of card payments are processed through non-European systems, and this share continues to grow.
In 13 out of 21 countries in the currency bloc, there is no national card scheme, and more than half of the states lack an internal solution for e-commerce. According to the regulator's calculations, a digital euro with set limits and no interest should not pose a threat to bank liquidity or financial stability.
Recall that on July 14, the ECB selected 36 banks and payment companies for a pilot project. Its operational phase will begin in the second half of 2027 and last for 12 months.