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State-issued stablecoins in the EU: fiscal innovation or monetary encroachment?
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This article examines whether EU member states may issue euro-referenced stablecoins without infringing the EU’s exclusive competence for monetary policy. It argues that the legal assessment depends on objectives and effects rather than on technological form. Where a digital token is structured as a redeemable liability, lacks legal tender status, and avoids systemic monetary impact, it may well fall within national fiscal autonomy.
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