The European Union is reportedly exploring major public blockchain networks like Ethereum and Solana for its digital euro design.
The European Central Bank (ECB) is considering running a digital euro on a public blockchain like Ethereum rather than a private one, the Financial Times reported on Friday, citing people familiar with the matter.
Unlike a private blockchain, where data is strictly limited to authorized entities, public blockchains like Ethereum or Solana are open to everyone.
If confirmed, the EU’s exploration of public blockchains would represent a significant milestone in the digital euro’s development, given that the ECB has not yet finalized the technology framework for the project.
Public model compared to US stablecoins
The use of a public blockchain is “definitely something that [EU officials are] taking more seriously now,” one of the people involved in the digital euro discussions told the FT.
Another person said a digital euro in a private form would look “much more like what the Chinese central bank is doing than what private companies in the US are doing.”
The person specifically referred to China’s central bank digital currency (CBDC), which is deployed privately, opposed to public-run stablecoins developed by companies like Circle.
Related: China weighs yuan-backed stablecoins in major policy shift: Reuters
Europe has been increasingly concerned about the US stablecoin push promoted by the Trump administration and its implications for the autonomy of the European financial system.
In April, ECB executive board member Piero Cipollone called for cutting stablecoin usage in Europe by introducing a digital euro, citing adoption risks of the US dollar-pegged stablecoins, which dominate the stablecoin market at 98%.
The ECB has yet to publicly confirm whether it is considering Ethereum or Solana. Cointelegraph contacted the central bank for comment but did not receive a response by publication.