ECB Executive Board member Piero Cipollone said July 17 that rising stablecoin use could make commercial banks lose retail deposits as payments shift further toward digital platforms. In a speech on the digital euro, he framed the risk as part of a wider payments transition, making stablecoin adoption a direct pressure point for bank funding.
Cipollone also warned that banks lose fees and data when customers use mobile payment platforms, weakening their role in payment services and potentially affecting lending. For smaller banks, payment data remains central to credit assessment and customer relationships, turning deposit risk into a broader business-model challenge.
The digital euro was presented as the ECB’s answer to that shift, with banks distributing accounts, current-account integration keeping deposits in the banking system and holding limits designed to protect liquidity and stability. The follow-up is whether the project can preserve bank involvement, because the ECB’s stablecoin concern is ultimately about who controls Europe’s payment rails.
Source: European Central Bank.
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