The European Central Bank (ECB) is concerned about the large-scale support for the cryptocurrency industry in the United States, initiated by President Donald Trump, as this could lead to a "financial infection" and threaten the stability of the EU economy. In an analytical report, the ECB doubts the sustainability and effectiveness of the recently adopted EU rules governing cryptocurrencies – the Law on Crypto Asset Markets (MiCA). EU officials fear that the reforms of the US financial system will undermine Europe's efforts to achieve strategic independence and modernize the financial sector, causing capital outflows to the US and provoking new economic threats. Of particular concern are stablecoins, cryptocurrencies pegged to stable fiat currencies such as the dollar and the euro. The popularity of stablecoins, especially among dollar-denominated tokens, raises concerns in the EU, as they may displace traditional currencies and make consumers more vulnerable to the risks of the cryptocurrency business. In the US, reforms aimed at developing infrastructure for stablecoins are planned, including a presidential decree and the development of STABLE and GENIUS legislative initiatives.
