The European Union is looking into major public blockchain networks such as Ethereum and Solana for its digital euro design.
The European Central Bank (ECB) is contemplating running a digital euro on a public blockchain like Ethereum instead of a private one, as reported by the Financial Times on Friday, citing sources familiar with the discussions.
Unlike private blockchains, which restrict access to authorized entities, public blockchains like Ethereum or Solana are accessible to everyone.
If confirmed, the EU’s interest in public blockchains would mark a significant step in the digital euro’s evolution, especially since the ECB has yet to finalize the technological framework for the initiative.
Public model compared to US stablecoins
The adoption of a public blockchain is “definitely something that [EU officials are] taking more seriously now,” one individual involved in the digital euro discussions revealed to the FT.
Another source noted that a digital euro in a private format would resemble “much more what the Chinese central bank is doing than what private companies in the US are doing.”
This individual specifically referenced China’s central bank digital currency (CBDC), which operates privately, unlike public stablecoins developed by companies such as Circle.
Related: China weighs yuan-backed stablecoins in major policy shift: Reuters
Europe has expressed growing concerns about the US stablecoin initiative promoted by the Trump administration and its potential impact on the independence of the European financial system.
In April, ECB executive board member Piero Cipollone advocated for reducing stablecoin usage in Europe by introducing a digital euro, citing the adoption risks of US dollar-pegged stablecoins, which dominate 98% of the stablecoin market.
The ECB has yet to confirm whether it is considering Ethereum or Solana publicly. Cointelegraph reached out to the central bank for a comment but did not receive a response by the time of publication.
This is a developing story, and further information will be added as it becomes available.
