According to CoinMeta, the European digital currency market is witnessing a development pattern where central bank digital euros and private euro stablecoins coexist. The euro stablecoin has previously undergone phased testing in Denmark, Poland, and Portugal. It operates on a decentralized blockchain and is issued by a subsidiary of Bridge Building. The European Central Bank emphasizes that the digital euro will feature a high level of privacy; offline payment information will only be known to the parties involved in the transaction, and online transactions cannot be directly linked to individuals. It is believed that Europe is simultaneously advancing its digital payment system through both public digital currencies and private stablecoins in order to reduce dependence on US dollar-based stablecoins and non-European payment infrastructure.