European Central Bank invites eurozone merchants to test digital euro
The European Central Bank (ECB) is gearing up to test its new digital euro and it is inviting online and mobile merchants across the eurozone to join in.
The goal? To see how this potential new currency could work for everyday payments, without making it official money just yet.
If all goes well, a retail-ready digital euro could launch by 2029.
Yearlong pilot starts 2nd half 2027
Kicking off in the second half of 2027, the yearlong pilot brings together 36 banks and payment companies, but merchant participation is key for real-world feedback.
The ECB plans to trial payments in stores, online shops, and through mobile apps, with ECB and national central bank staff acting as users.
As Hedera's Isadora Arredondo points out, perks like lower transaction fees might help get more merchants on board.
The push comes as Europe looks to keep control over its money system amid the adoption of private dollar-backed stablecoins, such as Tether's USDT and Circle Internet's USDC, as a threat to Europe's monetary autonomy.