Sources familiar with ongoing discussions told the Financial Times that the European Central Bank (ECB) is now weighing whether to build the currency on open blockchain networks instead of developing a closed, permissioned system. A decision has yet to be finalized, but the consideration marks a notable shift in the ECB’s approach to its long-debated central bank digital currency (CBDC).
Unlike private ledgers, which restrict access to select participants, public blockchains are fully transparent and accessible to anyone. Adopting a public framework would align the euro more closely with how widely used U.S. stablecoins operate, while distancing it from the closed model used by China’s digital yuan.
One person close to the talks noted that the private option would “look much more like the Chinese central bank’s approach,” whereas using Ethereum or Solana would resemble models pursued by U.S. firms such as Circle, whose dollar-pegged tokens dominate the stablecoin market.
European policymakers have grown increasingly vocal about reducing reliance on U.S. dollar stablecoins, particularly as the Trump administration promotes their adoption abroad. ECB board member Piero Cipollone argued earlier this year that a digital euro could help curb dollar-denominated stablecoin use, which currently accounts for nearly 98% of the global market.
By exploring public blockchain infrastructure, Europe appears to be signaling both a desire for transparency and a competitive response to the U.S. and China in the rapidly evolving digital currency landscape.
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