FX.co ★ Europe’s blockchain initiative aims to reduce reliance on US payment systems

The global expansion of stablecoins is evolving into a tool of stringent monetary control by the White House. According to Federal Reserve Board Governor Christopher Waller, the widespread adoption of dollar-pegged digital tokens allows the US monetary policy to be automatically scaled to foreign countries that actively utilize this cryptocurrency instrument.

Speaking at an economic forum in Croatia, Waller explained that any country moving to transactions in dollar stablecoins is voluntarily locking itself into a fixed exchange rate. As a result, these economies begin to directly import all the costs and tightening measures of the US Federal Reserve’s monetary policy. Recall that as early as the beginning of 2025, Waller publicly endorsed stablecoins, highlighting their ability to bolster the global status of the dollar while calling for stringent regulations for crypto issuers.

At the same time, Waller criticized proposals for central bank digital currencies (CBDCs), labeling this concept as a solution to a non-existent problem. In his view, major central banks worldwide have effectively halted or frozen their own digital currency projects because they have been unable to find adequate economic justification for them.

Meanwhile, the American regulator’s position raises significant concerns among policymakers in Europe. The European Central Bank remains committed to launching a digital euro by 2029, aiming to protect the monetary sovereignty of the EU. Officials in Brussels are worried that without their own digital currency, the region could become entirely dependent on American payment giants such as Visa and Mastercard, as well as the rapidly growing influx of dollar-denominated tokens.