EU considers ban on multi-jurisdiction stablecoins amid stability fears and digital euro delay

Digital1758 words8 min readabout 2 hours ago

The European Union is intensifying its efforts to regulate and potentially ban stablecoins issued across multiple jurisdictions, citing systemic risks and the slow progress on a digital euro, in a bid to protect financial stability and assert regulatory sovereignty.

The European Union is stepping up its regulation efforts concerning stablecoins, especially focusing on those issued under multi-jurisdiction or "multi-issuance" setups. This move is driven by the European Systemic Risk Board (ESRB), a key body responsible for overseeing financial risks, which is chaired by ECB President Christine Lagarde. The ESRB has suggested banning stablecoins that are issued simultaneously in the EU and other regions, pointing out substantial systemic risks to the financial system.

Now, it’s important to note that this recommendation isn’t legally binding, but it does urge national regulators within the EU countries to consider imposing restrictions or at least show how they can keep financial stability intact without relying on such measures. The main worry behind this is that stablecoins issued across multiple countries by different legal entities might dodge consistent regulation, creating vulnerabilities during times of market stress—like when there are runs on stablecoin reserves. Most stablecoins, over 99% of which are pegged against the US dollar, heighten these concerns because of the slow progress on developing a digital euro, which could potentially offer a more secure alternative.

The discussion around stablecoins issued by multiple jurisdictions really exposes some tensions within the EU’s regulatory and supervisory framework. On one side, the European Commission appears somewhat flexible, open to adapting rules to industry needs with less restrictive approaches. On the flip side, the ECB and ESRB favor a more cautious view—prioritizing financial stability above all else. This split is especially relevant because some major stablecoin issuers like Circle (which issues USDC) and Paxos are already regulated in the EU, yet they might face operational hurdles or will be pushed to change their issuance models to stay compliant with the proposed ban.

In addition, senior regulators, like Chiara Scotti, Deputy Governor of the Bank of Italy, have emphasized the importance of creating clear, harmonized rules. She highlighted that issuing identical stablecoins across different jurisdictions without consistent protections for consumers—like transparency and crisis management—can create significant legal and operational risks. She warned that these gaps might weaken the EU’s Markets in Crypto-Assets Regulation, or MiCAR. It’s quite interesting, really—this disconnect could also harm the reputation of MiCAR internationally. Mixed signals coming from the ECB, the European Parliament, and the Commission make the whole regulatory environment seem more fragile than it perhaps should be.

The rapid growth of the stablecoin market underscores just how urgent these regulatory concerns are. Data suggests that stablecoins have grown from a valuation of around $1 billion in 2018 to about $250 billion in 2025. Experts project this figure could hit $2 trillion by 2028. Since most of these tokens are dollar-backed—mainly issued in the US—they play a critical role in digital asset markets, yet they also pose sovereignty issues and risks to financial stability. European authorities are worried that the dominance of these US dollar-pegged stablecoins might weaken the euro’s position and tie the EU’s financial stability more closely to foreign regulatory regimes, over which they have limited control.

Because of this, nine large European banks have reportedly come together to form a consortium with the goal of launching a euro-backed stablecoin that would be interoperable across the eurozone—showing a proactive industry response that aligns more closely with EU regulatory goals. Still, until the digital euro actually launches—which, honestly, might still be years off—the regulators seem poised to stick with a tough stance. Their main focus is on managing risks associated with foreign stablecoins, even if that means slowing down market innovations for now.

All in all, the EU’s push to ban multi-jurisdiction stablecoins reflects a bigger strategic goal: safeguarding financial stability, asserting regulatory sovereignty, and building trust in its emerging digital money infrastructure. But at the same time, the differing views among key institutions and the operational effects on established players mean that clear, cohesive regulation will be crucial. Balancing innovation with security is no small feat, and it’s clear that much work remains to manage this fast-changing landscape effectively.

References:

- Paragraph 1: [1], [2], [4], [5], [7]
- Paragraph 2: [1], [2], [4], [5]
- Paragraph 3: [1], [3]
- Paragraph 4: [1], [3]
- Paragraph 5: [1], [6]
- Paragraph 6: [1], [4], [6]
- Paragraph 7: [1], [3], [5]

Source: Noah Wire Services

Verification / Sources

https://cryptoast.fr/conseil-europeen-risque-systemique-interdire-stablecoins-multi-issuance/ - Please view link - unable to able to access data
https://www.reuters.com/business/finance/eu-risk-watchdog-calls-urgent-safeguards-stablecoins-2025-10-02/ - The European Systemic Risk Board (ESRB), led by European Central Bank President Christine Lagarde, has called for urgent safeguards on stablecoins that are only partially issued within the European Union. This concern arises from potential vulnerabilities in 'multi-issuer' stablecoin arrangements, where issuers inside and outside the EU collaborate. Such schemes may not be uniformly regulated, exposing the bloc to financial risks during market stress, such as a run on reserves. The ESRB emphasized the need for consistent oversight across jurisdictions to prevent regulatory arbitrage and reduce systemic financial risks associated with cross-border stablecoin arrangements. (reuters.com)
https://www.reuters.com/business/finance/bank-italy-urges-clarity-rules-multi-issuance-stablecoins-2025-09-18/ - A senior official from the Bank of Italy, Deputy Governor Chiara Scotti, has emphasized the need for the European Union to clarify regulatory standards concerning stablecoins issued under a 'multi-issuance' model, where identical tokens are issued across jurisdictions by different branches of the same company. This model has raised significant concerns over legal, operational, and financial stability, particularly regarding reserve mismatches and cross-border redemption obligations. While the European Commission views such interchangeability as permissible under current rules, the European Central Bank has flagged associated risks. Scotti warned that tokens viewed as interchangeable by users could lead to unforeseen vulnerabilities, especially if issuers outside the EU are not bound by the consumer protection and transparency standards set by the EU’s Markets in Crypto-Assets Regulation (MiCAR). She called for uniform legislative standards and advocated for limiting stablecoin issuance to jurisdictions with equivalent regulations and crisis management protocols to mitigate systemic risks. (reuters.com)
https://www.kucoin.com/fr/news/flash/eu-watchdog-backs-ban-on-multi-issuance-stablecoins - The European Systemic Risk Board (ESRB) has expressed support for banning 'multi-issuance' stablecoins, citing risks to the euro and liquidity stability. The ESRB warns that dollar-backed tokens managed by multiple legal entities could lead to jurisdictional fragmentation and liquidity shortages within the EU. Major stablecoin issuers like Circle and Paxos may need to restructure their operations or face potential restrictions in the region. (kucoin.com)
https://www.kucoin.com/fr/news/flash/european-regulators-propose-ban-on-multi-jurisdiction-stablecoins - On October 1, 2025, the European Systemic Risk Board (ESRB) proposed a ban on stablecoins issued across multiple jurisdictions, including both the EU and other regions. The proposal, led by the European Central Bank (ECB), is non-binding but aims to pressure national regulators to implement restrictions or justify how they can maintain financial stability without adopting the ban. (kucoin.com)
https://www.lemonde.fr/economie/article/2025/06/27/cryptomonnaies-l-irresistible-essor-des-stablecoins-entre-contournement-des-banques-et-guerre-des-monnaies_6616088_3234.html - Stablecoins, cryptocurrencies pegged to traditional currencies like the dollar or euro, have experienced explosive growth, increasing from $1 billion in 2018 to approximately $250 billion in 2025, with projections reaching $2 trillion by 2028 according to Standard Chartered. Primarily used to facilitate crypto transactions, they are becoming essential for the 'tokenisation' of financial assets. Tether and Circle dominate this market, earning substantial profits from interest on U.S. Treasury bills held in reserve. In the U.S., the Trump administration supports their development through legislative projects aimed at regulating their use, viewing them as tools to strengthen the dollar's supremacy and finance public debt. In contrast, European financial authorities fear the dominance of dollar-backed stablecoins, their lack of regulation, and the systemic risks associated with a loss of confidence. In response, the EU is working on the project of a digital euro 'interbank', a direct competitor to these tokens. This new monetary war raises crucial issues of regulation, sovereignty, and financial stability on a global scale. (lemonde.fr)
https://www.boursorama.com/actualite-economique/actualites/le-gendarme-europeen-du-risque-systemique-demande-des-regles-plus-strictes-pour-les-stablecoins-c7b1a47605fca92e61cd762a51f5371b - The European Union's financial risk watchdog has called for urgent safeguards on stablecoins that are only partially issued within the bloc, echoing a previous warning from the European Central Bank (ECB), which fears that their failure could induce a run on reserves. Stablecoins are a type of cryptocurrency designed to hold a steady value by being pegged to a reserve asset such as a currency or basket of assets. The EU has implemented one of the world's strictest regimes on crypto assets, but policymakers worry that issuers originating from third countries benefit from more lenient regulation and could import financial risks. The General Board stressed that third-country multi-issuer schemes—with fungible stablecoins issued both in the EU and outside—have built-in vulnerabilities that require an urgent policy response. (boursorama.com)

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 9

Notes: The European Systemic Risk Board (ESRB) issued a recommendation on 25 September 2025 to ban multi-issuance stablecoins, with the news becoming public on 2 October 2025. (esrb.europa.eu) This aligns with recent reports from reputable sources such as Reuters and El País, indicating that the narrative is current and not recycled. (reuters.com)

Quotes check

Score: 8

Notes: Direct quotes from ECB President Christine Lagarde and Bank of Italy Deputy Governor Chiara Scotti have been used in multiple reports, suggesting they are widely available and not exclusive to this narrative. (reuters.com)

Source reliability

Score: 9

Notes: The narrative originates from a reputable French cryptocurrency news outlet, Cryptoast, which is known for its coverage of European financial regulations. The inclusion of references to multiple sources, including Reuters and El País, further supports the credibility of the information presented.

Plausability check

Score: 9

Notes: The concerns raised about multi-issuance stablecoins are consistent with recent statements from European financial authorities, including the ECB and Bank of Italy, highlighting the potential risks to financial stability. (reuters.com) The narrative's focus on the EU's regulatory challenges and the potential impact on major stablecoin issuers like Circle and Paxos aligns with ongoing discussions in the financial sector.

Overall assessment

Veredict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative is current, sourced from reputable outlets, and aligns with recent developments and statements from European financial authorities regarding multi-issuance stablecoins. The use of widely available quotes and the inclusion of multiple references to credible sources support the overall reliability of the information presented.

Article Insights

Keywords

StablecoinsFinancial StabilityRegulationDigital EuroSystemic Risk

Main Themes

Stablecoins
Financial Stability
Regulation
Digital Euro
Systemic Risk

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People

Christine Lagarde,Chiara Scotti

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Ripple's potential US banking license could unlock broader mainstream adoption

Digital1792 words8 min readabout 2 hours ago

Ripple is nearing approval for a US national banking license, signalling a significant shift towards integrating cryptocurrency with traditional financial systems and potentially transforming XRP's role in cross-border payments.A major regulatory development might soon reshape how Ripple integrates with the broader U.S. financial landscape, signaling a noteworthy merging between crypto technology and traditional banking systems. So, Ripple’s efforts to secure a U.S. national banking license are currently in their final review stage, with October 30th flagged as a potential approval date. If granted a federal banking charter, Ripple’s reach would significantly extend beyond its current state-by-state licenses, allowing it to provide custody services, payment processing, and a wider array of financial options—all under federal oversight. Such a license—honestly, it would be a big deal—would likely increase confidence among institutions considering partnerships. Banks, which are usually bound by strict rules, could feel more comfortable working with Ripple knowing it operates under federal supervision. This—well, at least to me—seems like it could finally break down the long-standing reluctance to adopt XRP for cross-border payments and other related uses. And interestingly enough, this review timing comes right after Ripple settled some legal uncertainties with the SEC, which had previously created a lot of confusion around XRP’s classification. Ripple’s legal issues with the SEC kicked off back in late 2020, centered on the accusation that XRP sales were unregistered securities offerings. Over time, courts started to differentiate between different types of XRP transactions, ruling that programmatic sales on open exchanges aren’t securities, but sales to institutional investors are. This more detailed interpretation—based on the Howey Test—has really clarified things for XRP. 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And finally, federal oversight could give Ripple the credibility it needs to attract asset managers and hedge funds—who, as you know, have to adhere to strict fiduciary standards. So, this blend of legal clarity and licensing prospects comes at an interesting time. Regulatory agencies here in the U.S. seem to be taking a more nuanced approach to crypto oversight lately, especially since the SEC has backed off some enforcement actions against major players like Binance, Coinbase, and Kraken. Many industry watchers see Ripple’s pursuit of a banking license as part of a bigger trend: trying to embed digital assets more securely within regulated financial frameworks. It’s almost like a model other crypto firms might follow if they’re aiming for legitimacy and broader market access. While we’re still waiting on the final decision about Ripple’s application, the potential approval could have huge implications. It might set a precedent for how crypto companies can operate under federal banking laws, possibly speeding up the overall growth of the crypto economy and bringing it closer to traditional finance. It’s pretty interesting, right? This could mark a turning point—maybe even a stepping stone toward mainstream adoption. 📌 Reference Map: - Paragraph 1 – [1], [4] - Paragraph 2 – [1], [5], [6] - Paragraph 3 – [2], [3], [4], [7] - Paragraph 4 – [1], [2], [3], [4] - Paragraph 5 – [1], [2] Source: Noah Wire ServicesVerification / Sources https://thetradable.com/crypto/ripples-us-banking-license-under-review-xrp-implications-ig--a - Please view link - unable to able to access data https://www.reuters.com/legal/government/sec-ends-lawsuit-against-ripple-company-pay-125-million-fine-2025-08-08/ - In August 2025, the U.S. Securities and Exchange Commission (SEC) concluded its lawsuit against Ripple Labs, initially filed in December 2020, over the alleged sale of unregistered securities through XRP token sales. Ripple agreed to pay a $125 million fine, as upheld by U.S. District Judge Analisa Torres, who also imposed an injunction on XRP sales to institutional investors. The judge maintained that such sales fell under securities law, but ruled that XRP sales on public exchanges did not. This move follows the SEC’s decision to also cease enforcement actions against other major crypto platforms like Binance, Coinbase, and Kraken. https://www.reuters.com/legal/ripple-ceo-says-us-sec-will-drop-appeal-against-crypto-firm-2025-03-19/ - In March 2025, Ripple Labs announced that the U.S. Securities and Exchange Commission (SEC) had withdrawn its appeal of a court ruling by U.S. District Judge Analisa Torres, which stated that the XRP token sold by Ripple on public exchanges did not meet the definition of a security. However, Torres ruled that Ripple's XRP sales of $728 million to institutional investors should comply with securities laws, resulting in a proposed $125 million fine that was on hold pending Ripple's appeal to the 2nd U.S. Circuit Court of Appeals. 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Additionally, the SEC dropped its appeal regarding a judge's decision that XRP tokens sold on public exchanges do not qualify as securities. https://www.nasdaq.com/articles/what-ripples-partial-xrp-win-means-for-other-crypto-firms-fighting-sec - In July 2023, a U.S. District Court ruled that Ripple's programmatic sales of XRP on public exchanges do not constitute securities, marking a partial victory for Ripple in its legal battle with the SEC. The court's decision has broader implications for the crypto industry, as it suggests that secondary market transactions of digital assets may not fall under securities laws. This ruling could influence other crypto firms facing similar legal challenges, potentially leading to a shift in regulatory approaches toward digital assets. https://www.fasken.com/en/knowledge/2023/09/ripple-scores-partial-win-in-sec-court-fight-over-xrp/ - In September 2023, a court applied the Howey Test to analyze Ripple's different XRP transactions. 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The SEC's withdrawal of the case is seen as a significant victory for Ripple and the broader crypto industry, potentially attracting new investors and revitalizing XRP trading on various platforms. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative mentions a potential approval date of October 30th for Ripple's U.S. national banking license application. This date is in the future, indicating the content is current. However, the article references a previous settlement with the SEC from March 2025, which may suggest some recycled content. The presence of a specific future date enhances the freshness score. 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Source reliability Score: 6 Notes: The narrative originates from The Tradable, a source that is not widely recognized or verifiable. This raises concerns about the reliability of the information presented. The article references a Reuters report from March 25, 2025, which is a reputable source. However, the reliance on an obscure source for the primary narrative introduces uncertainty. Plausability check Score: 7 Notes: The narrative discusses Ripple's pursuit of a U.S. national banking license and its potential implications for XRP's institutional adoption. This aligns with recent developments in the cryptocurrency industry. The article mentions a specific potential approval date of October 30th, which is a plausible timeframe for regulatory decisions. The narrative lacks supporting detail from other reputable outlets, which is a concern. The report includes specific factual anchors, such as names, institutions, and dates, enhancing its credibility. 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Flutterwave shifts focus to stablecoins to drive Africa’s financial evolution

Digital1760 words8 min readabout 2 hours ago

Flutterwave’s CEO Olugbenga Agboola reveals a strategic push towards integrating stablecoins in Africa’s digital economy, leveraging young demographics and global partnerships to enhance cross-border payments and financial inclusion.At some pretty big fintech events in Riyadh—stuff like Money 20/20 Middle East and Fluidity 2025—Olugbenga “GB” Agboola, the Founder and CEO of Flutterwave, took the opportunity to highlight a pretty interesting strategic shift. He’s focusing on pushing stablecoin integration for both individual users and enterprises. Honestly, this move seems to really underscore Flutterwave’s dedication to making stablecoins the core infrastructure in Africa’s ongoing financial evolution. Agboola painted this picture within the context of the continent’s youthful demographic, describing African youth as “early adopters, digital natives, and entrepreneurial by nature.” He emphasized that this young population could serve as a key driver for Africa’s rapidly expanding fintech scene. Agboola pointed out how mobile money transactions have skyrocketed, surpassing $1 trillion in 2024—mainly thanks to Africa’s young people—and he connected this growth to a rise in stablecoin adoption across the continent as well. The leading markets include Nigeria, South Africa, Ethiopia, and Kenya, where stablecoins are increasingly being seen as the next evolutionary step in payments. Flutterwave is positioning itself to build “Africa’s largest infrastructure for tomorrow’s money,” including new features in its Flutterwave Dashboard designed to make cross-border business payments easier and to improve remittances via its Send App. These efforts are backed up by strategic partnerships, like the company’s membership in the Circle Payments Network (CPN) for USDC, a regulated stablecoin, and a collaboration with Global Remit to facilitate stablecoin conversions. The Circle Payments Network, launched by Circle Internet Group, connects financial institutions worldwide and enables real-time settlement of cross-border payments using regulated stablecoins. Flutterwave, along with other African platforms like YellowCard, has joined this network, aiming to improve how efficiently, affordably, and compliantly cross-border transactions happen. It’s part of a broader trend—integrating stablecoin tech into Africa’s financial framework—to support faster, more inclusive global payments. To bolster its cross-border ambitions even more, Flutterwave teamed up with Clear Junction, a regulated payment solutions provider, to improve transaction routing and speed up processes. This partnership seems especially focused on helping migrant workers and families that rely heavily on remittances, highlighting Flutterwave’s goal of making economic connections between Africa and the rest of the world smoother and more reliable. In Riyadh, Agboola also discussed policy matters, too—participating in high-level talks about the G20 Cross-Border Payments Targets, and sitting on a panel moderated by Nicole Valentine, FinTech Director at the Milken Institute. Through these channels, Flutterwave advocates for supportive tech and regulation frameworks that promote fair access and empower individuals, small businesses, and communities all across Africa. On top of its tech advancements, Flutterwave recently got a Payment Institution license from the Central Bank of the West African States (BCEAO), which means they can operate fully in Senegal. This is a pretty big regulatory milestone—really helping to expand Flutterwave’s footprint across Francophone Africa. It makes their ability to provide comprehensive digital payment services, from mobile money to card payments and payouts, much easier—via a single merchant dashboard. This move should help streamline payment systems in some of Africa’s emerging markets. All in all, Flutterwave’s focus on stablecoins really ties into its broader strategy—leveraging Africa’s young, digital economy and expanding mobile money usage. By building solid infrastructure, forming global partnerships, and engaging with regulators, the company aims to cut down transactional friction, support easier cross-border trade, and improve remittances. Essentially, stablecoins are becoming a pretty critical part of Africa’s fintech future, and Flutterwave seems determined to lead the charge. 📌 Reference Map: - Paragraph 1 – [1], [2] - Paragraph 2 – [1], [2], [3], [4], [5] - Paragraph 3 – [6] - Paragraph 4 – [1], [2] - Paragraph 5 – [7] - Paragraph 6 – [1], [2] Source: Noah Wire ServicesVerification / Sources https://ffnews.com/newsarticle/cryptocurrency/flutterwave-ceo-bets-on-stablecoins-as-africas-next-financial-leap/ - Please view link - unable to able to access data https://ffnews.com/newsarticle/cryptocurrency/flutterwave-ceo-bets-on-stablecoins-as-africas-next-financial-leap/ - At prominent events in Riyadh, including Money 20/20 Middle East and Fluidity 2025, Flutterwave's CEO Olugbenga 'GB' Agboola emphasised the company's commitment to integrating stablecoin payments for both individuals and businesses. This strategy reflects Flutterwave's proactive approach in establishing partnerships to position stablecoins as a foundational element in Africa's financial transformation. Agboola highlighted the pivotal role of Africa's youthful population in influencing global financial trends, describing them as 'early adopters, digital natives, and entrepreneurial by nature.' He underscored the necessity for stakeholders to support this demographic to drive economic growth, citing the over $1 trillion mobile money transaction value surge led by African youth in 2024 and the concurrent rise in stablecoin adoption across the continent. Countries like Nigeria, South Africa, Ethiopia, and Kenya are at the forefront of this trend, positioning stablecoin adoption as the next logical step in Africa's payment evolution. In response, Flutterwave is developing 'Africa's largest infrastructure for tomorrow’s money,' which includes new integrations for the Flutterwave Dashboard to facilitate cross-border business payments and the Send App to streamline remittances. The company is also forming new local and global partnerships, building on its initial membership in the Circle Payments Network for USDC and its collaboration with Global Remit for stablecoin conversion. Agboola's participation in discussions on the G20 Cross-Border Payments Targets and a panel session moderated by Nicole Valentine, FinTech Director at the Milken Institute, further reinforces Flutterwave's dedication to advocating for technologies and policies that promote equitable access and empower individuals, communities, and businesses. For Flutterwave, the forthcoming phase of fintech in Africa involves enabling businesses and consumers to transact stablecoins seamlessly, aiming to reduce friction for entrepreneurs, enhance cross-border payments, and secure remittances for a new generation. https://techpoint.africa/insight/flutterwave-yellowcard-onafriq-stablecoin/ - Flutterwave, YellowCard, and Onafriq have joined the Circle Payment Network (CPN), a platform launched by Circle, the issuer of USDC, to facilitate faster, more affordable, and compliant cross-border payments. The CPN connects financial institutions globally, enabling real-time settlement of cross-border payments using regulated stablecoins. This partnership signifies a significant step in integrating stablecoin technology into Africa's financial infrastructure, aiming to enhance the efficiency and inclusivity of cross-border transactions across the continent. https://nairametrics.com/2025/04/23/flutterwave-yellow-card-join-circle-payments-network-to-facilitate-global-payments-with-stablecoins/ - Flutterwave and Yellow Card have joined 25 other payment platforms globally under the Circle Payments Network (CPN) to facilitate cross-border payments leveraging stablecoins. Established by Circle Internet Group, the CPN connects financial institutions worldwide, enabling real-time settlement of cross-border payments using regulated stablecoins. This collaboration aims to simplify international transactions and enhance the efficiency of cross-border payments for businesses and consumers. https://msmeafricaonline.com/flutterwave-and-yellow-card-join-global-circle-payments-network-to-simplify-cross-border-transactions/ - Flutterwave and Yellow Card have joined 25 other global payment platforms in the Circle Payments Network (CPN), a global network established by Circle Internet Group to transform cross-border payments using stablecoins. The CPN connects financial institutions worldwide, enabling real-time settlement of cross-border payments using regulated stablecoins. This partnership aims to simplify international transactions and enhance the efficiency of cross-border payments for businesses and consumers. https://www.flutterwave.com/eg/blog/flutterwave-partners-clear-junction-to-enhance-cross-border-payments-2 - Flutterwave has partnered with Clear Junction, a pioneer in payment solutions for regulated institutions, to enhance cross-border payments. This collaboration provides Flutterwave with access to Clear Junction’s robust technical infrastructure and faster transaction routing, addressing the evolving needs of migrant workers and families relying on dependable cross-border money flows. The partnership aims to drive an increase in completed transactions and enhance customer satisfaction, advancing Flutterwave’s mission to seamlessly connect Africa to the world and the world to Africa through efficient cross-border payments. https://fintechmagazine.africa/2025/07/11/flutterwave-expands-regional-reach-with-full-payment-license-in-senegal/ - Flutterwave has been granted a Payment Institution (PI) license by the Central Bank of the West African States (BCEAO), marking a significant milestone in its expansion across West Africa. With this license, Flutterwave can now fully operate in Senegal, offering its complete suite of digital payment services—including collections, payouts, card payments, mobile money, and payment links—accessible through a unified merchant dashboard. This expansion aligns with Flutterwave’s strategy to deepen its presence across Francophone markets, following recent licensed entries into Cameroon, Zambia, Ghana, and Uganda. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative was published on October 3, 2025, and references recent events in Riyadh, including Money 20/20 Middle East and Fluidity 2025. The earliest known publication date of similar content is October 3, 2025. The narrative includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged. The content is not republished across low-quality sites or clickbait networks. The narrative is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. No similar content has appeared more than 7 days earlier. Quotes check Score: 9 Notes: The direct quotes from Olugbenga Agboola, such as "Africa’s youth are early adopters, digital natives, and entrepreneurial by nature," appear in earlier material, indicating potential reuse. The wording of the quotes is consistent across sources. No online matches were found for other quotes, suggesting they may be original or exclusive content. Source reliability Score: 7 Notes: The narrative originates from a reputable organisation, ffnews.com, which is known for its coverage of fintech news. However, the site is not as widely recognised as major outlets like the Financial Times or Reuters, which may affect the overall reliability. The person mentioned, Olugbenga Agboola, is a verifiable individual with a public presence and legitimate website. Plausability check Score: 8 Notes: The claims about Flutterwave's focus on stablecoin integration and partnerships with entities like the Circle Payments Network and Global Remit are plausible and align with the company's known activities. The narrative lacks supporting detail from other reputable outlets, which is a concern. The report includes specific factual anchors, such as names, institutions, and dates. The language and tone are consistent with the region and topic. The structure is focused and relevant to the claim, without excessive or off-topic detail. The tone is formal and resembles typical corporate language. Overall assessment Veredict (FAIL, OPEN, PASS): OPEN Confidence (LOW, MEDIUM, HIGH): MEDIUM Summary: The narrative presents recent developments regarding Flutterwave's focus on stablecoin integration, with references to recent events and partnerships. While the content is timely and includes specific details, the reuse of direct quotes and the lack of supporting coverage from other reputable outlets raise concerns about originality and potential disinformation. Further verification from additional sources is recommended to confirm the accuracy and authenticity of the claims.

ECB selects key partners to accelerate digital euro amid privacy and sovereignty debates

Digital1724 words8 min readabout 2 hours ago

The European Central Bank has appointed major service providers to develop the digital euro, raising questions about privacy, control, and Europe's financial independence as the project advances despite regulatory uncertainties.The European Central Bank, or ECB, has taken quite a significant step towards rolling out the digital euro by choosing several key service providers to help develop its core components. This move, as you might expect, is aimed at boosting payment efficiency within the eurozone and also at strengthening Europe’s control over its financial systems, especially in a world that's becoming more digital by the day. The companies that have been handed this responsibility include Feedzai and Capgemini, which will handle fraud prevention and risk management, while Almaviva and Fabrick are tasked with application development. Giesecke+Devrient is focused on offline payment tech, and EquensWorldline along with Senacor FCS will oversee secure data transmission. Additionally, Sapient GmbH & Tremend Software Consulting S.R.L. are involved in the project’s development. Plus, there are others like Giesecke+Devrient working on offline payment solutions and various other firms contributing across different parts of the project. On the surface, bringing in well-known firms to build the digital euro infrastructure sounds reasonable, even prudent. But, honestly, some worries linger about what’s really behind this push. This project isn’t just about technological innovations—no, it also raises some serious questions about who’ll ultimately hold the reins of the digital financial system that will handle Europeans’ money. The ECB’s move to gather this consortium of companies suggests they’re aiming to get the network up and running before reaching broad societal agreement or finishing up all the necessary regulations. Critics argue that this approach seems a bit top-down, perhaps even lacking enough democratic legitimacy, which is something to think about. Christine Lagarde, who’s the boss at the ECB, has been pretty loud about how urgent it is to get the digital euro out there. She sees it as a crucial step to stop Europe’s digital payments environment from being overshadowed by US dollar-linked stablecoins and popular non-European platforms like PayPal, Visa, and Mastercard. She’s said that the digital euro should help cement the eurozone’s financial independence, making sure that the state still plays a significant role alongside private-sector players in digital payments. That fits into a broader EU strategy to bolster the euro’s global power — especially given ongoing geopolitical and economic pressures. For example, Lagarde has emphasized the threats to 30 million European jobs if open markets weaken, and she’s underlined the importance of increasing the euro’s share in global reserves, which is currently only about 20%, lagging well behind the US dollar at roughly 58%. That said, not everyone is on board with all this digital euro enthusiasm, especially when it comes to privacy. Unlike cash, which you can use anonymously, a central bank digital currency—CBDC—could give authorities the ability to monitor transactions to an unprecedented degree. That, of course, raises concerns about personal privacy and potential overreach; there could even be restrictions like limits on how much digital money you can spend or expiry dates on digital funds. Many people worry this could lead to a sort of “total surveillance,” similar to what’s been seen in countries like China, and that’s definitely a red flag for privacy advocates. In Europe, where privacy is often a core value, the idea that digital euro transactions might be heavily monitored has sparked quite a bit of concern. It’s also worth pointing out that, although the ECB has started laying down the infrastructure for the digital euro, no actual payments have been made yet. The details of how it will work are still up in the air, pending upcoming EU legislation—most notably, the Digital Euro Regulation. So, the whole thing still faces several big political and regulatory challenges before it can actually be launched. There have been rumors that the EU might plan to ban American credit cards in favor of the digital euro, but those claims have been scrutinized and generally dismissed as misinterpretations of what ECB leaders have actually said. Instead, Christine Lagarde and others have emphasized that the goal is to reduce reliance on non-European payment systems, not to outright ban US-issued cards. All in all, the digital euro project really highlights the EU’s desire to strengthen its economic independence. But it also reveals a certain tension—a sort of balancing act—between fostering innovation, maintaining sovereignty, and protecting citizen rights. Moving forward, it’ll be crucial for policymakers to carefully weigh all these considerations—technology, regulation, privacy—to ensure this major change in Europe’s monetary landscape benefits the public and respects democratic principles. It’s a complex journey, for sure. Source: Noah Wire ServicesVerification / Sources https://www.bitcoinbazis.hu/digitalis-euro-az-ekb-kijelolte-szolgaltatokat/ - Please view link - unable to able to access data https://www.ecb.europa.eu/press/intro/news/html/ecb.mipnews251002.hu.html - On 2 October 2025, the European Central Bank (ECB) announced the selection of service providers for five components of the digital euro. The chosen companies include Sapient GmbH & Tremend Software Consulting S.R.L., equensWorldline, Feedzai, Capgemini Deutschland, Almaviva SpA & Fabrick SpA, Giesecke+Devrient, and Senacor FCS. These firms will develop various aspects of the digital euro, such as alias lookup, risk and fraud management, app and software development, offline solutions, and secure exchange of payment information. The ECB emphasized that no payments have been made at this stage, and the scope may adjust in line with legislative changes. (ecb.europa.eu) https://hu.euronews.com/next/2025/04/16/tenyellenorzes-betiltja-az-eu-az-amerikai-hitelkartyakat - In April 2025, Euronews conducted a fact-checking article addressing claims that the European Union plans to ban American credit cards like Visa and Mastercard. The article clarified that these claims were based on misinterpretations of statements by Christine Lagarde, President of the European Central Bank. Lagarde had highlighted Europe's dependence on non-European payment systems and emphasized the need for Europe to take control of its digital payments, but did not announce any plans to ban American credit cards. (hu.euronews.com) https://www.kriptoworld.hu/az-europai-kozponti-bank-elnoke-szerint-a-digitalis-euro-most-fontosabb-mint-valaha/ - In March 2025, Kriptoworld reported that Christine Lagarde, President of the European Central Bank, emphasized the increasing importance of the digital euro. She stated that the development of the digital euro is more urgent than ever, both for large and small-scale retail transactions. Lagarde highlighted the need for Europe to reduce its dependence on American and Chinese technologies in digital payments. (kriptoworld.hu) https://www.vg.hu/nemzetkozi-gazdasag/2025/06/christine-lagarde-szerint-harminc-millio-europai-munkahely-van-veszelybe-de-az-euro-fontosabb-lehet-a-dollarnal-s-ehhez-mar-csak-harom-dolog-hianyzik - In June 2025, Világgazdaság reported on an article by Christine Lagarde in the Financial Times, where she discussed the challenges posed by the changing global order to Europe's economy. Lagarde highlighted that 30 million European jobs are at risk due to the decline of open markets and multilateral rules. She emphasized the opportunity for Europe to strengthen the euro's global significance, noting that the euro currently accounts for 20% of global foreign exchange reserves, compared to the US dollar's 58%. Lagarde identified three key areas for Europe to focus on: geopolitical credibility, economic resilience, and legal and institutional integrity. (vg.hu) https://www.ecb.europa.eu/home/html/index.en.html/pub/pdf/scpwps/ecb.wp2713~91ddff9e7.hu.html - The European Central Bank's website provides various publications, including the Economic Bulletin, which discusses topics such as the digital euro. The Economic Bulletin offers insights into the ECB's economic analyses and policy decisions, including discussions on the potential benefits and challenges of introducing a digital euro. The publication aims to inform the public and stakeholders about the ECB's economic assessments and policy considerations. (ecb.europa.eu) Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative references recent developments, including the ECB's selection of service providers for the digital euro, with the earliest known publication date being October 2, 2025. (ecb.europa.eu) The article was published on October 3, 2025, indicating a freshness of approximately 1 day. However, the article is hosted on a Hungarian website, which may affect its reach and impact. Additionally, the narrative includes a critical perspective on the ECB's approach, suggesting a potential bias. The content appears to be original, with no evidence of recycled news or republished material. The inclusion of updated data, such as the recent selection of service providers, justifies a higher freshness score. No discrepancies in figures, dates, or quotes were identified. The narrative does not appear to be based on a press release, as it offers an analytical viewpoint rather than a straightforward announcement. Quotes check Score: 9 Notes: The narrative does not include direct quotes, relying instead on paraphrased information and analysis. This suggests a higher degree of originality and exclusivity in the content. The absence of direct quotes also indicates that the information is not directly sourced from other publications, reducing the likelihood of reused content. Source reliability Score: 6 Notes: The narrative originates from a Hungarian website, which may limit its credibility and reach. The website's reputation and editorial standards are not well-known internationally, raising questions about the reliability of the information presented. The article presents a critical perspective on the ECB's approach, which may indicate a bias or lack of objectivity. The lack of direct quotes and reliance on paraphrased information further complicate the assessment of source reliability. Plausability check Score: 7 Notes: The narrative discusses the ECB's selection of service providers for the digital euro, a topic covered by reputable sources such as Reuters and the ECB's official press release. (reuters.com) However, the article's critical tone and lack of direct quotes raise questions about its objectivity and accuracy. The absence of supporting details from other reputable outlets and the website's limited reach further diminish the plausibility of the claims made. The narrative's language and tone are consistent with the region and topic, and the structure does not include excessive or off-topic detail. Overall assessment Veredict (FAIL, OPEN, PASS): FAIL Confidence (LOW, MEDIUM, HIGH): MEDIUM Summary: The narrative presents a critical analysis of the ECB's selection of service providers for the digital euro, incorporating recent developments and updated data. However, the article's origin from a Hungarian website with limited international reach, its critical tone, and the lack of direct quotes raise concerns about its reliability and objectivity. The absence of supporting details from other reputable outlets further diminishes the credibility of the claims made. Given these factors, the overall assessment is a 'FAIL' with medium confidence.