According to @CoinMarketCap, ECB President Christine Lagarde said the central bank has completed technical preparations for a digital euro and now awaits legislative approval. Source: CoinMarketCap tweet dated Dec 19, 2025. The ECB previously entered a preparation phase starting November 2023 to design, test, and select providers for core components of a potential digital euro, indicating operational readiness steps are in place. Source: European Central Bank, press release "ECB to proceed with digital euro preparation phase," Oct 18, 2023. Any issuance requires EU co-legislators to adopt the European Commission’s June 2023 proposal establishing the legal framework and consumer safeguards for a digital euro. Source: European Commission, digital euro legislative proposal and Q&A, June 28, 2023. For traders, a euro CBDC would provide a public, risk-free digital settlement asset that research suggests could reduce reliance on private stablecoins for payments, affecting demand for EUR-denominated tokens. Source: Bank for International Settlements, Annual Economic Report 2023, CBDC chapter. Monitor euro stablecoins and EUR pairs liquidity, particularly EURC issued by Circle and EURT issued by Tether, as MiCA’s e-money token regime and oversight of significant tokens will shape issuance and use in the EU. Source: Circle EURC documentation; Tether EURT information; European Commission MiCA regulation 2023 and EBA/ESMA implementation updates 2024.