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ECB Joins US Banks in Warning Stablecoins Could Drain Deposits
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ECB Joins US Banks in Warning Stablecoins Could Drain Deposits
The European Central Bank is adding its voice to banks in the United States in warning that widespread adoption of stablecoins could pull retail deposits out of traditional banks, weakening a critical source of funding for lending. ECB Executive Board member Piero Cipollone said banks have already lost ground to mobile apps and other digital payment providers, which can capture transaction fees and valuable customer data, Decrypt reported Friday…
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