币界网报道：According to the Financial Times, Lorenzo Bini Smaghi, Chairman of Societe Generale and former member of the Executive Committee of the European Central Bank, wrote an article titled "Europe Needs to Get Rid of Fear and Embrace Stablecoins", saying that Europe faces the risk of being marginalized in the digital financial ecosystem. At present, 99% of the world's stablecoins are issued by the United States and denominated in US dollars, and the euro has almost no presence in emerging fields. Although the European Union has launched the world's most comprehensive crypto asset regulatory framework MiCA, requiring stablecoin issuers to hold 30% cash + 70% high-liquidity reserves of highly rated sovereign bonds, cultural risk aversion still hinders innovation. European banks regard stablecoins as a threat and lack the motivation to invest. The author points out three major cognitive misunderstandings: underestimating the strategic value of tokenization technology; mistaking it for being able to isolate the impact of global stablecoins; and failing to realize that negative threats to monetary sovereignty. The article emphasizes that the European Central Bank has institutional advantages to lead the regulation of stablecoins. Now is a critical time to reverse the impression of "over-regulation". If it hesitates, Europe will lose its voice in the future global financial landscape.