The European Central Bank (ECB) hopes that US President Donald Trump’s support for dollar-pegged cryptocurrencies will accelerate legislative backing for the digital euro.

ECB board member Piero Cipollone warned that US stablecoins could become another dominant American payment tool, increasing urgency for a European alternative.

The European Commission proposed digital euro legislation in June 2023, but progress has stalled due to skepticism from lawmakers and banks.

Cipollone hopes the EU Parliament and Council will finalize their work before summer 2025, allowing ECB policymakers to vote on the digital euro’s launch in November.