According to online reports, Lorenzo Bini Smaghi, chairman of Societe Generale and former member of the Executive Committee of the European Central Bank, wrote "Europe needs to shake off fear and embrace stablecoins", saying that Europe is facing the risk of being marginalized in the digital financial ecosystem. Currently, 99% of the world's stablecoins are issued by the United States and denominated in US dollars, and the euro has almost no presence in emerging fields. Although the European Union has launched MiCA, the world's most comprehensive regulatory framework for crypto assets, requiring stablecoin issuers to hold highly liquid reserves of 30% cash and 70% highly rated sovereign bonds, cultural risk aversion still hinders innovation. European banks regard stablecoins as a threat and lack motivation to invest.