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The European Central Bank (ECB) has reiterated its push for a digital euro, citing US President Donald Trump’s recent executive order promoting dollar-backed stablecoins as a key driver.

According to a Jan. 24 Reuters report, ECB board member Piero Cipollone said that Trump’s order, which aims to “promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide,” could further disintermediate banks by luring customers away.

The executive order signed on Jan. 23 could establish a working group to study a regulatory framework for stablecoins.

“I guess the key word here [in Trump’s executive order] is worldwide,” Cipollone told a conference in Frankfurt. “This solution, you all know, further disintermediates banks as they lose fees, they lose clients… That’s why we need a digital euro.”