At a recent hearing, European Union officials highlighted the urgent need for euro-denominated stablecoins, emphasizing their crucial role in enhancing the EU’s financial sovereignty amid increasing competition with U.S. dollar-backed tokens. Pierre Gramegna, managing director of the European Stability Mechanism, stressed that euro-backed digital assets are vital for modern financial infrastructure, urging that Europe must not rely on U.S. dollar stablecoins.
The call for innovation comes as the EU anticipates the launch of its digital euro, projected not to be operational before 2029. Eurogroup president Paschal Donohoe echoed this sentiment, advocating for a regulatory environment that encourages the domestic issuance of euro-based alternatives.
This shift represents a critical change in the EU’s previously reserved approach towards stablecoins, especially as the U.S. has seen significant growth in dollar-denominated tokens after the introduction of the GENIUS Act. Emerging euro-backed tokens could facilitate the inflow of liquidity into the European crypto market and rejuvenate trading activities across various sectors.
Among the projects that could significantly benefit from this capital shift are Bittensor, Near Protocol, and DeepSnitch AI. Analysts are warning traders to pay attention as euro-backed tokens gain traction, particularly in advancing AI-based crypto tools.
In the context of AI integration in crypto, DeepSnitch AI has gained prominence with a recent presale raising $343,000, marking a strong start for its entry into the market. The project stands out amid a rising tide of AI tokens that collectively added $5 billion in market cap in just 30 days, indicating robust investor interest. DeepSnitch AI aims to offer traders valuable real-time insights to navigate the volatile crypto landscape. A particularly unique feature is its integration within Telegram, tapping into a user base of over 1 billion, potentially offering traders a distinct competitive advantage.
Bittensor has seen market momentum shift positively after breaking out of a consolidation phase, climbing 6% with a significant rise in trading volume to $212 million, signaling renewed optimistic sentiment among traders. Meanwhile, Near Protocol has experienced a slight decline but maintains solid engagement levels as its Total Value Locked (TVL) stays above $185 million, pointing to ongoing investor confidence.
As the crypto landscape evolves, AI tokens such as DeepSnitch AI, Bittensor, and Near Protocol are being closely watched for their potential growth. Speculation around the upcoming market cycle suggests possible significant returns, encouraging traders to consider these tokens seriously. As the landscape continues to shift, especially with the EU’s moves to support euro-denominated stablecoins, the need for effective trading tools and strategies becomes increasingly critical.
