ECB Selects 36 Payment Providers for Digital Euro Pilot, Warns Stablecoins May Erode Bank Deposits

According to Cointelegraph, citing ECB Executive Board Member Piero Cipollone, the European Central Bank selected 36 payment service providers to participate in a 12-month digital euro pilot program launching in the second half of 2027. Cipollone warned Friday that widespread stablecoin adoption could undermine commercial banks' retail deposit base and weaken European payment infrastructure independence. The digital euro initiative aims to preserve the status of central bank money and ensure banks remain integral to the payment ecosystem. If legislative and testing progress goes smoothly, the digital euro could be officially launched as early as 2029.
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