Euro zone ministers to look at how to boost euro stablecoin issuance

FILE PHOTO: U.S. President Donald Trump holds the signed "Genius Act", which will develop regulatory framework for stablecoin cryptocurrencies and expand oversight of the industry, next to U.S. Senator Bill Hagerty (R-TN) and U.S. House Speaker Mike Johnson (R-LA), at the White House in Washington, D.C., U.S., July 18, 2025. REUTERS/Nathan Howard/File Photo

BRUSSELS (Reuters) -Euro zone finance ministers will discuss on Thursday how they can support the development of euro-denominated stablecoins so as not to leave the rapidly growing market only to the United States, a senior euro zone official said.

Stablecoins are digital tokens that have stable value against a regular currency and are backed by reserves like the currency itself or other assets. The stablecoin market is now around $300 billion, but is forecast to grow tenfold over the next decade, the official said.