Christine Lagarde of the ECB stated that stablecoin is not money.

The President of the European Central Bank (ECB) Christine Lagarde warned that the development of stablecoins could threaten monetary sovereignty and weaken the role of central banks. Speaking at a forum in Portugal, she criticized the blurred lines between currency, technology, and payment methods, while arguing that stablecoins—issued by private companies like Circle and Tether—should not be considered real currency. Lagarde expressed concern that the "quiet privatization of money" would diminish the monetary policy capabilities of central banks. She reaffirmed support for a digital euro (CBDC) to safeguard Europe's financial control in the digital age. This project is currently awaiting approval and is reportedly set to be implemented soon.