Stablecoins are moving from the margins of crypto markets towards the core of global finance, raising fundamental questions about who controls money, how it circulates and what role public institutions should play. This Forum brings together four perspectives on their technological promise, strategic implications and policy risks. The contributions explore the impact of stablecoins on financial stability, monetary sovereignty and seigniorage, and debate the case for both retail and wholesale central bank digital currencies. Together, they examine whether Europe risks ceding monetary influence to dollar-based digital infrastructures and what policy choices are needed to ensure that innovation strengthens rather than undermines the resilience and credibility of the euro.