According to online reports, according to the Financial Times of the UK, a senior official of the European Central Bank warned that the rise of stablecoins pegged to the US dollar could plunge the euro zone into "dollarization" and weaken the European Central Bank's control over monetary policy. Jurgen Schaaf, consultant to the European Central Bank's market infrastructure and payments department, wrote on the European Central Bank's official blog that the rapid deployment of stablecoins may cause the euro zone to face problems similar to emerging economies, namely "dollarization"; widespread use of the dollar in these emerging economies will hinder the ability of local policymakers to set interest rates or control the money supply.