The European Union is reportedly examining leading public blockchains such as Ethereum and Solana as part of its digital euro roadmap.
According to a report by the Financial Times, sources familiar with the matter said the European Central Bank (ECB) is considering launching the digital euro on a public blockchain, rather than relying solely on a private infrastructure.
Public blockchains, like Ethereum or Solana, allow open access and transparency, unlike private networks that restrict participation to approved entities. If adopted, this would mark a notable shift for the ECB, which has yet to finalize the underlying framework for the project.
Comparing public and private approaches
One individual close to the discussions said the idea of using a public blockchain is “being taken more seriously now.” Another suggested that a private blockchain design would resemble China’s central bank digital currency (CBDC) approach, while a public model would look closer to U.S.-issued stablecoins like those from Circle.
Europe’s response to U.S. stablecoins
The debate comes at a time when Europe is increasingly concerned about the dominance of dollar-pegged stablecoins. Earlier this year, ECB Executive Board member Piero Cipollone argued that Europe should reduce reliance on U.S. stablecoins by introducing its own digital euro. At present, U.S.-backed stablecoins account for around 98% of the global market.
The ECB has not confirmed whether it is actively testing Ethereum, Solana, or other specific networks. Instead, officials pointed to the institution’s FAQ page, which notes that no decision has been made on the final CBDC model.
Opportunities and risks
Experts see both benefits and drawbacks if the EU were to embrace a public blockchain design. Juan Ignacio Ibañez, secretary general of the MiCA Crypto Alliance, noted that such an approach could boost compatibility with the broader blockchain ecosystem. However, he also cautioned that it could increase government influence over blockchain governance.
The ECB is still in the exploratory phase. A final decision on whether to issue a digital euro is expected from the ECB Governing Council by the end of 2025.
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