--- title: Working Groups --- [![DEA LOGO-3-1](https://digital-euro-association.de/hs-fs/hubfs/DEA%20LOGO-3-1.png?width=160&height=111&name=DEA%20LOGO-3-1.png "DEA LOGO-3-1")](https://home.digital-euro-association.de/en?hsLang=en) [![DEA LOGO-3-1](https://digital-euro-association.de/hs-fs/hubfs/DEA%20LOGO-3-1.png?width=140&height=97&name=DEA%20LOGO-3-1.png "DEA LOGO-3-1")](https://home.digital-euro-association.de/en?hsLang=en) - [Home](https://digital-euro-association.de) - Topics - [Private Digital Euro / Stablecoin](https://digital-euro-association.de/stablecoins) - [Public Digital Euro / CBDC](https://digital-euro-association.de/cbdc/en) - [CBDC Resources](https://digital-euro-association.de/cbdc-resources) - [DEA Position Statement](https://digital-euro-association.de/dea-position-statement) - Projects - [Digital Euro Conference](https://digital-euro-conference.de/) - [Digital Money Academy on CBDCs](https://digital-euro-association.de/digital-money-academy-cbdcs) - [Digital Money Academy on Stablecoins](https://digital-euro-association.de/digital-money-academy-stablecoins) - [Events](https://digital-euro-association.de/events) - [Podcast](https://digital-euro-association.de/podcast) - [MiCAR Tracker](https://micatracker.digital-euro-association.de/) - [Quarterly Insights](https://digital-euro-association.de/quarterly-insights) - Engagements - [Public Affairs](https://digital-euro-association.de/public-affairs) - [Member Briefs](https://digital-euro-association.de/dea-member-briefs) - Brussels Meetings - [Research](https://digital-euro-association.de/research) - [Working Groups](https://digital-euro-association.de/working-groups) - [Stablecoin Committee](https://digital-euro-association.de/stablecoin-committee) - [CBDC Manifesto](https://digital-euro-association.de/cbdc-manifesto) - Community - [Core Team](https://digital-euro-association.de/core-team) - [Institutional Members](https://digital-euro-association.de/members) - [Experts](https://digital-euro-association.de/experts) - [Expert Overview](https://digital-euro-association.de/experts) - [Job Portal](https://digital-euro-association.de/vacancies) - [Blog](https://digital-euro-association.de/blog) More results [Join now](mailto:team@digital-euro-association.de) [Join Now](mailto:team@digital-euro-association.de) - [Home](https://digital-euro-association.de) - Topics - [Private Digital Euro / Stablecoin](https://digital-euro-association.de/stablecoins) - [Public Digital Euro / CBDC](https://digital-euro-association.de/cbdc/en) - [CBDC Resources](https://digital-euro-association.de/cbdc-resources) - [DEA Position Statement](https://digital-euro-association.de/dea-position-statement) - Projects - [Digital Euro Conference](https://digital-euro-conference.de/) - [Digital Money Academy on CBDCs](https://digital-euro-association.de/digital-money-academy-cbdcs) - [Digital Money Academy on Stablecoins](https://digital-euro-association.de/digital-money-academy-stablecoins) - [Events](https://digital-euro-association.de/events) - [Podcast](https://digital-euro-association.de/podcast) - [MiCAR Tracker](https://micatracker.digital-euro-association.de/) - [Quarterly Insights](https://digital-euro-association.de/quarterly-insights) - Engagements - [Public Affairs](https://digital-euro-association.de/public-affairs) - [Member Briefs](https://digital-euro-association.de/dea-member-briefs) - Brussels Meetings - [Research](https://digital-euro-association.de/research) - [Working Groups](https://digital-euro-association.de/working-groups) - [Stablecoin Committee](https://digital-euro-association.de/stablecoin-committee) - [CBDC Manifesto](https://digital-euro-association.de/cbdc-manifesto) - Community - [Core Team](https://digital-euro-association.de/core-team) - [Institutional Members](https://digital-euro-association.de/members) - [Experts](https://digital-euro-association.de/experts) - [Expert Overview](https://digital-euro-association.de/experts) - [Job Portal](https://digital-euro-association.de/vacancies) - [Blog](https://digital-euro-association.de/blog) [Join Now](https://digital-euro-association.de/temp-membership-opportunities?hsLang=en) Digital Euro Association # Working Groups In line with the Digital Euro Association's core pillars of education, community-building and multidisciplinary collaboration, we have launched a number of working groups. ### The Role of Stablecoins in Financial Sovereignty: Strategic Considerations for EU Policymakers This groundbreaking paper examines how the growing $225 billion stablecoin market impacts European financial sovereignty across four critical dimensions: monetary, payments, regulatory, and digital sovereignty. With stablecoins processing over $7 trillion (adjusted volume) in the last 12 months, rivaling established payment networks, Europe sovereignty faces both opportunities and challenges. The research introduces a novel analytical framework and demonstrates that well-regulated euro stablecoins could strengthen European autonomy, while unmanaged foreign alternatives pose sovereignty challenges. This is essential reading for policymakers, financial professionals, and anyone interested in Europe's digital finance future. "The Role of Stablecoins in Financial Sovereignty"  is available for [download now.](https://digital-euro-association.de/hubfs/DEA%20-%20The%20Role%20of%20Stablecoins%20in%20Financial%20Sovereignty.pdf?hsLang=en) ![For Website](https://digital-euro-association.de/hs-fs/hubfs/For%20Website.jpg?width=1880&height=1576&name=For%20Website.jpg) ### Download [Download](https://digital-euro-association.de/hubfs/DEA%20-%20The%20Role%20of%20Stablecoins%20in%20Financial%20Sovereignty-2.pdf?hsLang=en) ![youtube](https://digital-euro-association.de/hs-fs/hubfs/youtube.webp?width=375&height=360&name=youtube.webp) The Role of Stablecoins in Financial Sovereignty Webinar [Watch here](https://lu.ma/5gntm6ez) **\*Research Impact** Since publication in June 2025, **The Role of Stablecoins in Financial Sovereignty** has been cited, featured and presented across academic, policy and industry forums. - **Paris Europlace** cited the paper in its work on US stablecoins and European monetary sovereignty. [View source](https://www.paris-europlace.com/global/gene/link.php?doc_link=%2Fdocs%2F2025143231_cryptoassets-regulation-wg-position-paper.pdf&fg=1) - **Peter Bofinger's research on stablecoins and the future of money** formally cites the DEA paper. [View source](https://www.econstor.eu/bitstream/10419/333474/1/1935533266.pdf) - **IRPA** referenced the paper in its analysis of stablecoins, dollar dominance and financial sovereignty. [View source](https://www.irpa.eu/punto-di-vista-sulle-stablecoin-la-regolamentazione-friendly-di-trump/) - **DC Fintech Week 2025** selected the paper as Featured Research. [View source](https://dcfintechweek.org/featured-research-2025/) - The findings were also presented in policy discussions at the **International Monetary Fund** and at the **CB+DC Conference**. The paper's core themes, including digital dollarisation, payment infrastructure dependence and monetary sovereignty, have since become increasingly prominent in international policy debate. ### Open Source CBDC: Exploring Open Source in CBDC Development Launched on the 2nd of October, 2024, our working group developed the paper "Open Source CBDC: Exploring Open Source in CBDC Development" that includes contributions from leading specialists and stakeholders. This piece delves into the intricate dynamics between open-source software and CBDCs, exploring how leveraging open-source software and it's principles can foster innovation, enhance security, and facilitate collaboration. The paper examines various aspects including configuring key open-source governance models, security provisions, maintaining privacy, and navigating regulatory landscapes. With insights from industry experts, it highlights the potential of open source platforms to transform financial ecosystems and the critical challenges that must be addressed to capitalize on these opportunities. "Open Source CBDC: Exploring Open Source in CBDC Development"  is available for [download now.](https://digital-euro-association.de/hubfs/DEA%20-%20Open%20Source%20CBDC.pdf?hsLang=en) ![OSS Mockup](https://digital-euro-association.de/hs-fs/hubfs/OSS%20Mockup.jpg?width=1080&height=1080&name=OSS%20Mockup.jpg) ### Download (English) [Download (English)](https://digital-euro-association.de/hubfs/DEA%20-%20Open%20Source%20CBDC.pdf?hsLang=en) ![DEA Podcast Logo](https://digital-euro-association.de/hs-fs/hubfs/DEA%20Podcast%20Logo.png?width=776&height=652&name=DEA%20Podcast%20Logo.png) Exploring Open Source in CBDC Podcast summary of the paper by the chairmen [Listen](https://dea-podcast.podigee.io/69-neue-episode) ### MiCAR's Influence on Stablecoins: Industry Insights and Implications As the European Union launches the pioneering Markets in Crypto-Assets Regulation (MiCAR), understanding its impact on the burgeoning stablecoin market becomes essential. The Digital Euro Association (DEA) is proud to contribute to this critical dialogue. Our paper, "MiCAR's Influence on Stablecoins: Industry Insights and Implications," provides an authoritative analysis of MiCAR's potential to either attract or deter stablecoin issuers to the EU, highlighting how the region’s market conditions are poised for substantial transformation. By weaving together insights from digital money experts, industry veterans, stakeholders, and prospective issuers, this publication presents a multifaceted perspective on navigating the EU's regulatory landscape. Our exploration culminates in a series of strategic recommendations for regulators and financial institutions, underscoring MiCAR's crucial role in shaping the future distribution and operation of stablecoins across the EU. Download the full paper now to gain comprehensive insights and strategic guidance on MiCAR's impact on the stablecoin market. ![3 (1)](https://digital-euro-association.de/hs-fs/hubfs/3%20(1).jpg?width=1200&height=1200&name=3%20(1).jpg) ### Download [Download](https://digital-euro-association.de/hubfs/MiCAR%20Influence%20on%20Stablecoins%20-%20DEA%20Final-.pdf?hsLang=en) ![DEA Podcast Logo](https://digital-euro-association.de/hs-fs/hubfs/DEA%20Podcast%20Logo.png?width=776&height=652&name=DEA%20Podcast%20Logo.png) MiCAR's Influence on Stablecoins Podcast summary of the paper by the chairmen [Listen here](https://dea-podcast.podigee.io/63) ### Commentary on the Proposal for a Regulation of the European Parliament and of the Council on the establishment of the digital euro As the European Union reaches the final stages of the investigation phase of the digital euro project, understanding the intricacies and potential directions of this revolutionary financial development becomes paramount. The Digital Euro Association (DEA) is proud to contribute to this pivotal conversation. Our Digital Euro Regulation Working Group has produced an authoritative commentary on the EU's Proposal for the establishment of the digital euro. This comprehensive document delves into the proposal's nuances, highlighting challenges, opportunities, and the broader implications for the European financial landscape. More than just an analysis, our commentary is a synthesis of expert insights and actionable recommendations, crafted to guide stakeholders through the complexities of the digital euro's potential integration into the European Union's financial ecosystem. The commentary is available for download in both English and German. ![Wide Pic DigiEuro Regs Zoomed](https://digital-euro-association.de/hs-fs/hubfs/Wide%20Pic%20DigiEuro%20Regs%20Zoomed.png?width=722&height=624&name=Wide%20Pic%20DigiEuro%20Regs%20Zoomed.png) ### Download (English) [Download (English)](https://digital-euro-association.de/hubfs/DEA%20DigiEuro%20Reg%20Proposal%20Commentary.pdf?hsLang=en) Download (German) [Download](https://digital-euro-association.de/hubfs/DigiEuro%20Comments%20-%20German%20Final.pdf?hsLang=en) ### Banking on Tokens ##### A Primer on Tokenized Commercial Bank Deposits Launched on the 3rd of May, 2023, the latest Private Digital Euro Working Group was chaired by Juan Gutierrez and Anurag Dubey. This diverse group of global specialists navigated the complex topic of Tokenized Deposits, exploring the transformation of traditional banking through digitization. The resulting paper, "Banking on Tokens: A Primer on Tokenized Deposits", reveals the implications of tokenizing deposits on financial stability, privacy, Anti-Money Laundering (AML) and Know Your Customer (KYC) processes, as well as their potential impact on commercial banks. Delving into the intricacies of this innovative fusion, the paper offers comprehensive primer into the potential of Tokenized Deposits, alongside unique considerations on how they could complement and co-exist with other forms of digital money. Banking on Tokens: A Primer on Tokenized Deposits - paper is available for download now. ![Banking on Tokens Coverpage Zoomed (1)](https://digital-euro-association.de/hs-fs/hubfs/Banking%20on%20Tokens%20Coverpage%20Zoomed%20(1).jpg?width=2731&height=2289&name=Banking%20on%20Tokens%20Coverpage%20Zoomed%20(1).jpg) ### Download [Download](https://digital-euro-association.de/hubfs/Banking%20on%20Tokens%20Final.pdf?hsLang=en) ![DEA Podcast Logo](https://digital-euro-association.de/hs-fs/hubfs/DEA%20Podcast%20Logo.png?width=776&height=652&name=DEA%20Podcast%20Logo.png) Banking on Tokens Podcast summary of the paper by the chairs [Listen here](https://dea-podcast.podigee.io/50-new-episode)   ### Privacy and Central Bank Digital Currencies Launched on the 2 November 2022, the 2nd Public Digital Euro Working Group was chaired by Anne-Sophie Gógl and Dr. David Tercero-Lucas. This working group of global experts delved into the topic of CBDC Privacy, examining the importance of privacy in CBDCs and how it impacts the successful adoption, usage, and implementation of digital currencies. Their paper entitled "Privacy and Central Bank Digital Currencies" examines privacy-preserving technologies and provides recommendations for ensuring privacy and security in a CBDC system is available for download. **Citation :** S. Amiri, C. Bachir Brahim, C. Gerencsér, A. Ghosh, A.S. Gógl, J. Gutiérrez, K. Kaponda, C. Kraft, K. Ottoni, C. Pfister, A. Ralphs, D. Szego, Dr. D. Tercero-Lucas, F. Tronnier, L. Tullo, (2023). *Privacy and Central Bank Digital Currencies. *Digital Euro Association e.V. ![Coverpage zoomed](https://digital-euro-association.de/hs-fs/hubfs/Coverpage%20zoomed.jpg?width=3315&height=1868&name=Coverpage%20zoomed.jpg) ### Download [Download](https://digital-euro-association.de/hubfs/Privacy%20and%20CBDCs%20-%20Digital%20Euro%20Association%20Working%20Group.pdf?hsLang=en) ![DEA Podcast Logo](https://digital-euro-association.de/hs-fs/hubfs/DEA%20Podcast%20Logo.png?width=776&height=652&name=DEA%20Podcast%20Logo.png) Privacy and Central Bank Digital Currencies Podcast summary of the paper by the authors [Listen here](https://dea-podcast.podigee.io/42-new-episode)   ### Private Digital Euro Working Group Launched on the 1 February 2022, the Private Digital Euro Working Group is chaired by Chris Ostrowski and Dr. Oriol Caudevilla.  This working group focused on topics related to privately issued money such as stablecoins, tokenized commercial bank money, etc. Their latest whitepaper may entitled - "Stablecoins: Introduction and recommendations for the EU" is available for download. **Citation :** E. Ahlborn, P. Bofinger, E. Copic, R. Covenas de Leon, A. Crant, C. de la Rubia, G. D’Imperio, W. Distler, S. Dreyer, B. Gherras, T. Haas, P.J.A. Hartmannsgruber, M. Henniges, C. Kraft, X. Lavayssière, F. Mayer, C. Oberrauch, J. Patchay, S. Palurovic, M. Polis, A. Spengel Portillo, G. Prettenthaler, A. Samid, S. Singhal, L. Suarez Barcia, H. Treiblmaier, L. Vanini, (2022). *Stablecoins: Introduction and Recommendations for the European Union: Private Digital Euro Working Group Recommendations*. Digital Euro Association e.V.     ![Private WG Cover Page v2](https://digital-euro-association.de/hs-fs/hubfs/Private%20WG%20Cover%20Page%20v2.jpg?width=4000&height=2800&name=Private%20WG%20Cover%20Page%20v2.jpg) ### Download [Download](https://digital-euro-association.de/hubfs/Private%20Working%20Group%20paper.pdf?hsLang=en) ![DEA Podcast Logo](https://digital-euro-association.de/hs-fs/hubfs/DEA%20Podcast%20Logo.png?width=776&height=652&name=DEA%20Podcast%20Logo.png) Recommendations for a euro stablecoin Podcast summary of the paper by the authors [Listen here](https://dea-podcast.podigee.io/34-neue-episode)   ### Public Digital Euro Working Group Launched on the 8 February 2022, the Public Digital Euro Working Group is chaired by Anne-Sophie Gogl and Dr. Filippo Zatti.  This Working Group focused on topics related Central Bank Digital Currencies monitored by the ECB. This working group's paper entitled - *"Ahead of the digital euro:* *Public Digital Euro Working Group Recommendations"* is available for download. **Citation :** E. Ahlborn, C. Bachir, B. Suleiman, L. Suarez Barcia, R. Giovanna Barresi, J. Ford, D. Frade, J. Gutierrez, T. Haas, P. Hartmannsgruber, A. Kamping, D. Baytemür Köksal, C. Kraft, D. Mangini, M. Marz, D. Merz, C. Mouton, T. Ocal, S. Palurovic, J. Patchay, M. Polis, D. Radev, A. Samid, S. Sezer, L. Vanini, (2022). *Ahead of the digital euro: Public Digital Euro Working Group Recommendations.* Digital Euro Association e.V.     ![WG Public Design](https://digital-euro-association.de/hs-fs/hubfs/WG%20Public%20Design.jpg?width=4000&height=2800&name=WG%20Public%20Design.jpg) ### Download [Download](https://t.sidekickopen84.com/s3t/c/5/f18dQhb0S7kF8c7ZvPV3mmmQ59hl3kW7_k2841CX6NGW36PLj07sCB4sW1Dh2LL41BpP9f197v5Y04?te=W3R5hFj4cm2zwW20Zs1w20WxD8W3M7Hfs3R5HxGW45SBhL4cJ2V9W43TDjD41YsqPW3yNt8Y3K9y3vW4hCVq31L8GJRW24W66t1LljBSW1mp5BL1mp5CnW4hCVYk3DDzQzW2vJ-JV1S1rD_W49M_rj3NwMRjW2C-qFk45gHl-W2YCg9L49hD4W21W3&si=8000000020060488&pi=5bc2579d-7821-41a9-a744-09529bb803bd) ![DEA Podcast Logo](https://digital-euro-association.de/hs-fs/hubfs/DEA%20Podcast%20Logo.png?width=776&height=652&name=DEA%20Podcast%20Logo.png) Ahead of the Digital Euro Podcast summary of the paper by the authors [Listen here](https://dea-podcast.podigee.io/32-neue-episode)   50+ ### Working Group Members Active contributors to our Working Groups who are experts in their fields. 8 ### Iterations of the DEA Working Group The DEA Working Groups are part of our mission for education in the stablecoin and CBDC space. Future iterations of the DEA Working Groups are planned. **Join us and influence the future of money** [Join Now](mailto:team@digital-euro-association.de) - [**Legal Notice**](https://home.digital-euro-association.de/legal-notice?hsLang=en) - [**Privacy**](https://home.digital-euro-association.de/privacy-policy-0?hsLang=en) - [**Code of Conduct**](https://home.digital-euro-association.de/code-of-conduct?hsLang=en) - [**FAQ**](https://home.digital-euro-association.de/faq?hsLang=en) - [**Impressum**](https://home.digital-euro-association.de/impressum?hsLang=en) [mailto:info@digital-euro-association.de](mailto:info@digital-euro-association.de) Digital Euro Association e.V. Copyright © 2026