The exact technical details aren’t terribly relevant imho, just that the EU has found the will to implement a superior value storage and transfer system, a benefit of which is avoiding US entities and infra. I have intentionally simplified for the layman audience, and understand if you take issue with my simplification.

Your comment history shows a decidedly anti EU sentiment, including against EU sovereignty (https://news.ycombinator.com/item?id=48515118, for example), make of that what you will.

> How come the EU is making a "digital sovereignty" push? Why are only EU people allowed to compete for EU services? Are there no evil people in the EU?

I like tech that improves efficiency (disintermediating unnecessary US commercial payment processors) and decouples from proven threat actors and nation state aggressors, that is my interest on this topic, ymmv.