Europe's digital currency market is developing along two parallel tracks: the European Central Bank's digital euro and privately issued euro stablecoins. Revolut has started phased testing of its EURR stablecoin in Denmark, Poland and Portugal. EURR runs on Ethereum and is issued by Bridge Building, a Stripe company. The ECB stressed that the digital euro will be built with strong privacy protections. Offline payment data will be known only to the two parties involved, and online transactions could not be directly associated with individuals by the Eurosystem. Those privacy features apply to the official digital euro, while the private stablecoin track now has a live test in three European markets. Europe is using both public digital money and private stablecoins to move its digital payment system forward. The goal is to reduce reliance on dollar-backed stablecoins and payment infrastructure operated outside Europe.
Europe's digital currency market is forming around two parallel tracks: a central bank digital euro and private euro-denominated stablecoins.
Revolut has already started phased testing of its EURR stablecoin in Denmark, Poland and Portugal. The euro stablecoin runs on Ethereum and is issued by Bridge Building, a Stripe-owned company.
The European Central Bank stressed that the digital euro will be built with strong privacy protections. Offline payment information would be known only to the two parties involved in a transaction. Online transactions, the ECB said, could not be directly linked to an individual by the Eurosystem.
Europe is using public digital money and private stablecoins together to advance its digital payment system. The goal is to cut dependence on dollar-backed stablecoins and on payment infrastructure run outside Europe.
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