Yeah, the name is a bit weird and presence is still vastly dependent on your member state. Many offers might be also branded differently but it is still using the same backbone.

From my understanding the ECB forced the bank’s hand with the digital Euro. If they want to stay in the game they need a souvereign sovereign alternative to the US payment providers. So we’ll see a public and a private system in the EU in the near future, that the US cannot simply shutdown at a whim.