Lorenzo Bini Smaghi, Chairman of Societe Generale, has called for Europe to overcome its apprehension and embrace stablecoins to avoid marginalization in the digital financial ecosystem. He highlighted that 99% of stablecoins are currently issued by the United States and denominated in US dollars, leaving the euro with minimal presence in this emerging sector. Despite the EU's comprehensive MiCA regulatory framework, which mandates stablecoin issuers to maintain significant liquidity reserves, cultural risk aversion continues to stifle innovation. European banks view stablecoins as a threat, lacking the incentive to invest in this area.