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European Banks To Launch Euro Stablecoin In Bid To Counter US Dominance

3 months ago
Nine major European banks are creating a Netherlands-based company to launch a euro-backed stablecoin in 2026, aiming to counter U.S. dominance in the digital token market. Reuters reports: While global stablecoin issuance stands at nearly $300 billion, euro-denominated stablecoins totalled just $620 million, according to figures released last week by the Bank of Italy, with dollar-pegged tokens overwhelmingly dominant. "The initiative will provide a real European alternative to the U.S.-dominated stablecoin market, contributing to Europe's strategic autonomy in payments," the banks said. They launched the effort, which they said will create a token that can be used for quick, low-cost payments and settlements, even as the European Central Bank voices scepticism over stablecoins. ECB President Christine Lagarde in June told European policymakers that privately issued stablecoins posed risks for monetary policy and financial stability. As a safer alternative, she has urged European lawmakers to introduce legislation backing the launch of a digital version of the EU's single currency. Some commercial banks, however, have pushed back against the introduction of a digital euro, fearing that it would empty their coffers as customers transfer cash out of banks and into the safety of an ECB-guaranteed wallet. In addition to ING and UniCredit, the other banks participating in the new company include Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International. They said that others could join the initiative, and a CEO for the company would be appointed soon. According to a recent report by Deutsche Bank, emerging market economies are adopting dollar-based stablecoins to replace local deposits and cash. "This has created a global monetary dilemma: countries should adopt stablecoins or risk being left behind. Europe is under particular pressure."

Read more of this story at Slashdot.

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Spotify Announces New AI Safeguards, Says It's Removed 75 Million 'Spammy' Tracks

3 months ago
Spotify says it has has removed over 75 million fraudulent tracks in the past year as it works to combat "AI slop," deepfake impersonations, and spam uploads. Variety reports: Its new protections include a policy to police unauthorized vocal impersonation ("deepfakes") and fraudulent music uploaded to artists' official profiles; an enhanced spam filter to prevent mass uploads, duplicates, SEO hacks, artificially short tracks designed to fraudulently boost streaming numbers and payments. The company also says it's collaborating with industry partners to devise an industry standard in a song's credits to "clearly indicate where and how AI played a role in the creation of a track." "The pace of recent advances in generative AI technology has felt quick and at times unsettling, especially for creatives," the company writes in a just-published post on its official blog. "At its best, AI is unlocking incredible new ways for artists to create music and for listeners to discover it. At its worst, AI can be used by bad actors and content farms to confuse or deceive listeners, push 'slop' into the ecosystem, and interfere with authentic artists working to build their careers. The future of the music industry is being written, and we believe that aggressively protecting against the worst parts of Gen AI is essential to enabling its potential for artists and producers." In a press briefing on Wednesday, Spotify VP and Global Head of Music Product Charlie Hellman said, "I want to be clear about one thing: We're not here to punish artists for using AI authentically and responsibly. We hope that they will enable them to be more creative than ever. But we are here to stop the bad actors who are gaming the system. And we can only benefit from all that good side if we aggressively protect against the bad side."

Read more of this story at Slashdot.

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