a16z exec pitches abandoning stablecoins for digital euro, digital dollar; just not the ECB kind

The stablecoin nomenclature is being regarded as outdated by major users in the crypto ecosystem who believe it is time for the term to be retired entirely and swapped out with names that best describe the stage the technology is currently at.

In his essay published May 1, Robert Hackkett argues that the term stablecoin has far surpassed the problem it was created for, and that the industry should allow it to fade away and adopt names that fit the times and not the origin story.

Why stablecoins may be outdated 

Hackett believes that stablecoin and horsepower share a similarity in etymology. He argued that the term “horsepower” was coined by James Watt in the 70s in order to sell steam engines to miners who understood horses. As such, the metaphor used had long outlived the thing it referenced. 

With stablecoins, he argued that the name was coined in the volatile years of the industry and should be left behind.

Furthermore, Hackett wrote that “Stability is now table stakes. It’s a prerequisite, and not the point.” He believes it is now more of a foundational tool for new global financial systems, allowing transactions to be executed without intermediaries and to be integrated into software applications in ways traditional money cannot.

He further suggested that the name be changed into “digital dollars,”  “digital euros,” or “onchain assets,” claiming that the infrastructure will eventually fade out, the way “electric lighting” became obsolete.

Hackett’s digital euro is not the ECB’s ‘digital euro’

The names suggested by Hackett cause a slight issue. The ECB, over the years, has been developing its own project called the “digital euro.” The ECB’s version is supposed to be a central bank digital currency (CBDC) that would function as a non-bank public currency issued by the central bank only. 

Naturally, the European Central Bank would have a limit on how much digital euro a person or company can have in order to protect the stability of banks. Additionally, it is designed for everyday electronic payments like online payments and individual transactions. 

Lastly, in ECB documents, the digital euro will function as the digital version of physical cash and will not be programmable at any point in time. 

Hackett’s “digital euro” refers to something else: privately issued blockchain stablecoins pegged to the euros, the type monitored under the EU’s Markets in Crypto-Assets (MICA) regulations.

Euro stablecoins rise while ECB project stalls

According to the TRM Labs’ Q1 2026 Global Crypto Adoption Index, euro-backed stablecoin transaction level rose from $69 million in January 2025 to $777 million by March 2026. The firm believes this growth is linked to the clearer rules established by the EU’s MiCA framework.

Currently, the EURC stablecoin holds over 50% of the euro stablecoin market. Additionally, ten major European banks, including BNP Paribas, ING, and UniCredit, have come together to form a consortium called Qivalis. Together, they plan to launch their own euro-backed stablecoin in mid-2026.

Furthermore, Ulrich Bindseil, in a recent report from the Blockchain of Europe, warned that strict MiCA requirements could end up chasing away stablecoin activities from the EU. Some policymakers also argue that rather than build on central bank digital currency, the product should be built on the momentum of private digital assets. 

Lastly, critics have also brought attention to the transparency and cost of the project after Cato Institute researcher Nicholas Anthony was denied access to spending records.

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