Stablecoin growth will erode bank deposits, says ECB's Cipollone

COINTELEGRAPH · 2026-07-17

European Central Bank Executive Board member Piero Cipollone said wider stablecoin adoption could erode commercial banks’ retail deposit base. He made the remarks Friday in a speech to Italy’s Federation of Cooperative Credit Banks in Rome, where he argued that digital payments are reshaping banking and increasing Europe’s reliance on non-European payment infrastructure. Cipollone said banks are already losing payment fees and transaction data to mobile payment providers. He added that the digital euro would help preserve banks’ role in the payments system. “The digital euro would both preserve the role of public money and ensure banks remain involved in the payments ecosystem while continuing to meet their customers’ needs,” Cipollone said. On Tuesday, the ECB selected 36 payment service providers , including banks, fintechs and payment companies, for a 12-month digital euro pilot due to begin in the second half of 2027. The project aims to test how a retail central bank digital currency could operate across the euro area before any decision on issuance, which the ECB has said could come as early as 2029. Related: ESMA adds 14 new CASPs to MiCA register as licensing slows

AI 시장 분석

ECB Executive Board member Piero Cipollone warned that the spread of stablecoins could erode the retail deposit base of commercial banks. He noted that shifts in the digital payment market are causing banks to lose fee revenue and data to fintech firms. In response, the ECB plans to launch a digital euro pilot project in the second half of 2027 to maintain the role of banks within the payment ecosystem.

상승 영향

Fintech — The rise of stablecoins and mobile payment services, which encroach on traditional bank deposits, is driving market share gains for fintech companies. Structural shifts in payment data and fee monetization will serve as core growth catalysts for the sector.

하락 영향

Banks — The growth of stablecoins and digital payments reduces core retail deposits, weakening the profit structure of banks. Additionally, the decline in payment fee revenue and the loss of control over financial data pose a significant threat to their traditional business models.

DYAX 전담 분석

The rapid expansion of stablecoins and digital payment platforms presents a systemic challenge to traditional banking institutions. As consumers increasingly prefer digital alternatives, banks face a dual threat: the depletion of low-cost retail deposits and the loss of critical transaction data.

To counter this, the ECB is proactively designing the digital euro as a complement to existing banking services. By initiating pilot projects, regulators aim to ensure that banks remain central to the digital financial infrastructure while preventing a total migration of liquidity toward private digital assets.

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