TechFlame News: Joachim Nagel, a member of the European Central Bank's Governing Council and President of the Deutsche Bundesbank, stated in a speech at the German American Chamber of Commerce that launching a euro-denominated stablecoin could provide individuals and businesses with low-cost cross-border payment services and address the dollarization risks posed by U.S. dollar stablecoins. Nagel pointed out that if domestic currencies are replaced by U.S. dollar stablecoins, it would be equivalent to the dollarization of the relevant economies, potentially severely undermining the effectiveness of domestic monetary policies and European sovereignty. The European Central Bank is currently evaluating the possibility of using distributed ledger technology in non-central bank currencies, including tokenized deposits and euro stablecoins, and plans to launch the digital euro by 2029. Additionally, the European Central Bank is developing a wholesale CBDC to enable programmable transactions for participants in financial market institutions.