In this op-ed in El Economista, BCG’s Carlos Bravo, Director and leader of Payments and Digital Assets at BCG Spain, reflects on why Europe’s financial system can no longer afford to watch the tokenized euro from the sidelines. For years, the debate around stablecoins in Europe has been relatively easy to ignore, as they were largely seen as an Anglo-Saxon phenomenon, denominated in dollars and closely associated with crypto trading, with little obvious relevance for the European financial system. That sense of distance, however, is beginning to fade. He points to a few realities that are becoming increasingly difficult to overlook. The global stablecoin market now exceeds $300 billion, with 99% denominated in dollars, while the euro accounts for just 0.4%. At the same time, MiCA has created the world’s first comprehensive legal framework for stablecoins, meaning regulatory certainty is no longer an excuse to wait. Against this backdrop, the real question is no longer whether to participate in this ecosystem, but what position institutions want to hold when the tokenized euro reaches critical mass. He concludes that multirail strategies, and the ability to operate flexibly across different digital money models, will soon stop being a competitive advantage and become a requirement. In his view, that moment is arriving faster than most strategic timelines anticipate, making the ability to build optionality a key anchor of any tokenized money strategy for financial institutions.