ECB official warns stablecoins could pull deposits from banks

What happened

European Central Bank board member Piero Cipollone warned that stablecoins could drain deposits from banks. The supplied record characterizes the remarks as a three-layer threat to banks and says Cipollone presented the digital euro as the structural response.

The warning arrives amid a broader narrative in the research record that stablecoins are reshaping bank and foreign-exchange plumbing. That narrative also notes EU venues steering users from USDT to USDC under MiCA and Bolivia formally recognizing USDT, but the record does not provide further detail on those developments.

Why it matters

The remarks show rising central-bank defensiveness toward private stablecoins. If stablecoins attract funds that might otherwise remain as bank deposits, policymakers may view them as a challenge to banks’ funding base.

For the ECB, the digital euro is presented here not simply as a separate product but as a proposed structural answer to that pressure. The statement is a policy signal rather than evidence that a specific measure has been adopted.

What to watch next

Watch for a concrete ECB action, proposal, or further detail explaining the three risks cited by Cipollone. Such a receipt would show whether this warning develops beyond an ongoing regulatory stance.