The European Union is weighing the use of major public blockchain networks, including Ethereum and Solana, as part of its ongoing exploration into the design of a digital euro.
According to a report by the Financial Times, the European Central Bank (ECB) is assessing whether to build the digital euro on a public network rather than on a private blockchain system.
The move, if confirmed, would represent a significant step in the project’s evolution, marking the first time the ECB has entertained the possibility of deploying a central bank digital currency (CBDC) on open, permissionless infrastructure.
Public vs. private blockchain
Traditionally, CBDCs have leaned toward private blockchains, where access to data is limited to authorized entities.
Public blockchains like Ethereum and Solana, however, allow anyone to participate and verify transactions.
An individual familiar with the discussions told the FT that adopting a public network is “definitely something that [EU officials are] taking more seriously now.”
Another source contrasted the two models, suggesting that a private digital euro would resemble the approach taken by China’s central bank, while a public blockchain version would align more closely with the stablecoin models led by private U.S. firms such as Circle.
Strategic concerns over U.S. stablecoins
Europe has been increasingly vocal about the risks posed by U.S. dollar-backed stablecoins.
In April, ECB Executive Board member Piero Cipollone warned that the dominance of dollar-pegged stablecoins — which account for around 98% of the market — could undermine Europe’s monetary sovereignty.
He argued that the introduction of a digital euro would help reduce reliance on foreign digital currencies and strengthen the bloc’s financial independence.
The ECB has not confirmed which blockchain networks are under consideration.
When asked for comment, a spokesperson referred to the ECB’s official FAQ on the project, which states that no decision has yet been made on the technology that would underpin the digital euro.
Benefits and risks of going public
Industry experts say deploying a CBDC on a public blockchain would bring both opportunities and challenges.
Juan Ignacio Ibañez, general secretary of MiCA Crypto Alliance, told Cointelegraph that such a move could improve interoperability with the vast blockchain infrastructure being developed across Europe and globally.
However, Ibañez also cautioned that the arrangement could allow for “a stronger state interest in influencing blockchain governance,” raising questions about control and neutrality.
Next steps
The ECB has yet to finalize its decision on whether to move forward with a digital euro at all.
According to official information, the Governing Council is expected to make a determination on issuing a CBDC by the end of 2025.
If the public blockchain option is pursued, it would position Europe at the forefront of central bank experimentation with open systems — a clear departure from the closed models favored by China and other jurisdictions.