Italy Warns US Stablecoins May Threaten Euro’s Global Influence
Italy raises alarm over U.S. stablecoins' impact on Europe.
- Finance Minister Giancarlo Giorgetti warns U.S. dollar-backed stablecoins could threaten the euro's global influence more than trade tariffs.
- Stablecoins enable international payments in dollars without needing a U.S. bank account, potentially diminishing the euro's role in trade.
- Giorgetti urges EU leaders to bolster the euro's position, emphasizing the importance of the digital euro project.
- The U.S. is advancing stablecoin regulations; the STABLE Act aims for greater transparency and accountability among issuers.
- The GENIUS Act proposes stricter reserve and consumer protection requirements, pending congressional approval.
- European Central Bank official Piero Cipollone supports the need for a digital euro to maintain monetary independence from dollar-based stablecoins.