European Central Bank Executive Board member Piero Cipollone has emphasized the need for tokenized central bank money to support the scaling of Europe's tokenized financial markets. Cipollone argues that relying solely on stablecoins or tokenized deposits as private digital currencies is insufficient to serve as a public settlement anchor. He highlights the importance of introducing tokenized central bank money to mitigate price volatility and credit risk associated with payment assets. Cipollone also calls for enhanced public-private collaboration and a more robust legal framework to prevent the construction of advanced settlement infrastructure on fragmented regulatory foundations. His remarks underscore the necessity of a cohesive approach to regulation and infrastructure development in the evolving digital financial landscape.