Europe and China Diverge from U.S. on Digital Money Future

A clear divergence in approaches to digital money is emerging, with Europe and China pursuing different paths than the United States. While the U.S. has enacted a federal framework for private stablecoins and Congress has voted to block a retail Federal Reserve digital currency through 2030, the European Central Bank (ECB) is developing its own retail digital euro. Furthermore, EU rules are designed to give commercial banks structural advantages over independent non-bank issuers of stablecoins.