With the implementation of the U.S. "Genius Act", EU officials have been forced to accelerate the pace of the digital euro project. According to a report by the Financial Times, an unnamed official stated that if progress continues at the original pace, the euro's share in international payments could be completely eroded by the dollar stablecoin.

This sense of urgency has led to intense discussions within the European Central Bank. Some technocrats have proposed deploying the euro stablecoin on public blockchains like Ethereum to increase circulation speed and reduce development costs. However, those with a conservative viewpoint express concerns, believing that the transparency of public chains may compromise privacy protection. At present, these two factions are still in fierce contention and have not reached a consensus.

Current data shows that non-European companies have captured 70% of the market share in payments processed in the Eurozone. The EU is concerned that if no action is taken, the remaining 30% of market share may also be lost. Therefore, the decision of whether the digital euro should adopt a public chain or a private chain has become increasingly urgent.

However, in this digital currency revolution, the European Union faces a dilemma. On one hand, they need to act quickly to maintain the international status of the euro; on the other hand, hasty decisions may bring unexpected risks. As the ancient saying goes, acting too early is not as good as acting just right, but being overly eager can also lead to mistakes.

In this global digital currency competition, the EU's decisions not only concern the future of the euro but will also have a profound impact on the global financial landscape. Regardless of the technical route ultimately taken, the EU needs to find a balance between innovation, security, and efficiency to ensure that the digital euro can occupy a place on the future international financial stage.